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MSB AC 330 SM2 Ch12

MSB GovNFP Unit 10

QuestionAnswer
What is an engagement letter? A letter specifying the scope of the work to be done.
An auditors judgement as to the level at which the quantitative or qualitative effects of misstatements will have a significant impact on users evaluations is? Materiality
What does GAGAS stand for? Generally accepted government auditing standards.
What does GAGAS cover? Reporting on compliance, required communications, internal controls, report requirements, and distribution.
What are the five fundamental ethical principles identified by GAGAS? public interest, integrity, objectivity, proper use of government information, resources, and position and professional behavior
What is the purpose of Single Audit Act Amendement of 1996? To reduce audit burdens on state and local governments, Indian tribes and not for profit organizations
What are the repors in a Single Audit? Financial statements and schedule of expenditures of federal awards, summary schedule of prior audit findings, auditors reports, corrective action plan.
What does audit findings include? A detail on matters such as internal control weaknesses, instances of noncompliance, questioned costs, fraud and illegal acts, material violations of contract and grant agreements and material abuse.
What costs arise from an audit finding that generally relates to noncompliance with a law, regulation, or agreement. Questioned cost
What is Cognizant Agency for Audit Responsibilities? The federal awarding agency that provides the predominant amount of direct funding to a nonfederal entity expending more than 25 million in federal awards, as provided by OMB Circular A-133, unless the OMB designates a different cognizant agency.
What is SOX? Congress's repsonse to corporate accounting scandals of the late 1900's and early 2000.
Created by: diem.huynh
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