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MSB AC 330 XM2

MSB GovNFP Unit 10

QuestionAnswer
Name the three types of financial audits in order of complexity. GAAS, GAGAS, single audit
How many standards of reporting are in a GAAS type audit? 4
Name the paragraphs included in a GAAS audit opinion. introductory, scope, opinion, explanatory
Name the types of opinion an auditor may express. unqualified, qualified or adverse
What is an engagement letter? A written memorandum specifying the scope of the work to be done by the auditor.
What does GAGAS stand for? generally accepted government auditing standards
When was the single audit enacted? 1984
A single audit is done for which entities? Those entities received federal grant monies either directly or as a pass-through from another entity.
What is the main criteria of whether an entity will receive a single audit? Whether or not they have expended $500,000 in federal grant money during the year.
What reports are required for a single audit? Finanacial statement and schedule of expenditures of federal awards, summary schedule of prior audit findings, auditors' reports, corrective action plan
What are the three types of GAGAS audits or engagements? Financial audits, attestation engagements, performance audits
Created by: margaret.miller
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