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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 10 Chapter 12

QuestionAnswer
What are the three standards that GAAS is comprised of? 1. General standards2. Standards of field work3. Standards of reporting
What is the report called that the auditing company issues after completion of their audit? Independent Auditor's Report
What year was the first edition of the Government Auditing Standards released? 1972
The letter that an auditor has with the company that they are auditing detailing all the service that will be provided is called what? Engagement Letter
What are the three types of audits and services? 1. Financial audits2. Attestation engagements3. Performance audits
How many fundamental ethical principals does GAGAS identify? Five
What major change was made in the 1996 amendments for single audit? The required audit threshold is now based on federal awards expended rather than received.
An external federal, state, or local auditor who meeds the GAGAS independence standards or an independent public accountant is called what? An independent auditor
What is the rule that required the auditing of as many major programs as necessary to ensure that at least 50 percent of tal federal awards expended are audited? Percentage of coverage rule
What are the two areas where SOX (Sarbanes-Oxley) can lead to improvements in government and not-for-profit governance? Audit committees and internal controls
Created by: jamifreese