ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 19.6EP
To determine
Find the correct option, the option that indicates the entity to which the guidelines are applicable, regarding the single audits in accordance with Office of the Management and Budget’s (OMB) Uniform Guidance.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Pittman City was required to have a single audit due to its spending of a large amount of Federal grant funds. The auditor
determined that three of the grants would be classified as "High Risk A" and eight would be "Low Risk A". How many "High Risk B"
grants will the auditor now select?
A
1
B 2
C) 3
D
4
The Office of the Auditor General is mandated to conduct audits of all public institutions inJamaica. It has been observed that the same observations and recommendations weremade in the last five years in the Auditor General’s Reports concerning increased misuseand misapplication of public funds.The Ministry responsible for local government has decided to engage a consultants firmto review the transparency and accountability of the public funds by the council.The lead consultant in your firm has asked you to conduct this review. The following werefound during your review:• The main source of funds for the Council are the grants received from the centralgovernment and levies from local businesses operating in the parish.• The Council maintains financial records and prepares financial statements annuallywhich are subject to audit by the Office of the Auditor General.• The Council received a grant of US$20 million for the construction of ten communitycenters, one each in the ten…
Generally accepted government auditing standards (GAGAS) can apply to a:
Group of answer choices
1: All of the above.
2: Attestation engagement.
3: Performance audit.
4: Financial audit.
Chapter 11 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Background. Lake View Mental Health Affiliates, a...Ch. 11 - Prob. 12CCh. 11 - Prob. 14CCh. 11 - Custer County receives pass through funds from the...Ch. 11 - Prob. 16CCh. 11 - The city council members of Laurel City are...Ch. 11 - Prob. 19.1EPCh. 11 - Prob. 19.2EPCh. 11 - Prob. 19.3EPCh. 11 - Prob. 19.4EPCh. 11 - Prob. 19.5EPCh. 11 - Prob. 19.6EPCh. 11 - Prob. 19.7EPCh. 11 - Prob. 19.8EPCh. 11 - Dan Cole is the head of the countys Division of...Ch. 11 - Prob. 19.10EPCh. 11 - Prob. 19.11EPCh. 11 - Prob. 19.12EPCh. 11 - Prob. 19.13EPCh. 11 - Prob. 21EPCh. 11 - Prob. 22EPCh. 11 - Prob. 23EPCh. 11 - Prob. 24EPCh. 11 - Prob. 25EP
Knowledge Booster
Similar questions
- The Government Accountability Office (GAO) describes expanded-scope governmentalauditing to include all of the following excepta. Financial statement audits.b. Attestation engagements.c. Compliance audits.d. Performance audits.arrow_forwardGovernmental auditing can extend beyond audits of financial statements to include audits ofan agency’s efficient and economical use of resources anda. Constitutionality of laws and regulations governing the agency.b. Evaluation of the personal managerial skills shown by the agency’s leaders.c. Correspondence of the agency’s performance with public opinion regarding the socialworth of its mission.d. Evaluations concerning the agency’s achievements of the goals set by the legislature forthe agency’s activities.arrow_forwardAlthough the scope of audits of recipients of federal financial assistance in accordancewith federal audit regulations varies, these audits generally have which of the followingelements in common?(1) The auditor is to determine whether the financial assistance has been administered in accordance with applicable laws and regulations.(2) The materiality levels are lower and are determined by the governmental entitiesthat provided the federal financial assistance to the recipient.(3) The auditor should obtain written management representations that the recipient’sinternal auditors will report their findings objectively and without fear of politicalrepercussions.(4) The auditor is required to express both positive and negative assurance that illegalacts that could have a material effect on the recipient’s financial statements aredisclosed to the inspector general.arrow_forward
- Describe the Single Audit Act of 1984 inrelation to audits of governmental fundrecipientsarrow_forwardWith respect to the Single Audit Act of 1984 and amendment of 1996 relating to state and local governments and not-for-profit organizations: Distinguish between major and non-major programs. List the Criteria used to determine whether an entity is subject to the Single Audit Act. List the audit reports that should be included in a single audit report.arrow_forwardAn independent CPA is engaged to audit the financial statements of Holland City . The city has a variety of revenue sources including a $350,000 grant from the U.S. Department of Housing and Urban Development. Which of the following audit standards must the CPA use when conducting the audit? The AICPA audit standards. The GAO audit standards. The OMB audit standards. All of the standards listed in the choices.arrow_forward
- Which of the following goals is accomplished when an audit process occurs at the end of the budget year? Select all that apply. Preventing fraud and waste Ensuring the accuracy of operation Ensuring compliance with policies and applicable laws Interviewing and hiring budget personnel for the next budget yeararrow_forwardGovernmental auditors’ independence and objectivity are enhanced when they report theresults of an audit assignment directly toa. Managers of the government agency under audit and in which the auditors are employed.b. The audit committee of directors of the agency under audit.c. Political action committees of which they are members.d. The congressional committee that ordered the audit.arrow_forward13. When auditing an entity's financial statements in accordance with Government Auditing Standards (the "Yellow Book"), an auditor is required to report on: I. Recommendations for actions to improve operations. II. The scope of the auditor's tests of compliance with laws and regulations. Group of answer choices I only. II only. Both I and II. Neither I nor II.arrow_forward
- CPA Involvement in an Expanded-Scope Audit. A public accounting firm has beenengaged to audit a local food distribution program funded by the U.S. Department of Agriculture. The engagement is to encompass both financial and performance audits that constitute the expanded scope of a GAGAS audit and is to be conducted in accordance with theaudit standards published by the Government Accountability Office (GAO).Required:a. The accountants should perform sufficient audit work to satisfy the financial and compliance element of GAGAS. What is the objective of such audit work? (Hint: Go to theGenerally Accepted Government Auditing Standards at www.gao.gov.)b. The accountants should be aware of general and specific kinds of uneconomical or inefficient practices in such a program. What are some examples?c. What might be some standards and sources of standards for judging program results?arrow_forwardThe Office of the Auditor General is mandated to conduct audits of all public institutions inJamaica. It has been observed that the same observations and recommendations are madeeach year in the Auditor General’s Reports concerning increased misuse and misapplicationof public funds.Following the establishment of new parish councils in some parishes around the countryfour years ago, there is concern that the trend of misuse and misapplication of public fundsmay be experienced in these newly established councils just like is the case with theexisting councils. The Ministry responsible for local government has decided thatconsultants should be engaged to hold workshops with the controlling officers of the newlyestablished councils on the importance of transparency and accountability in the use ofpublic funds and the importance of internal controls systems. You work for a consultancyfirm that has been engaged to run these workshops and all the new districts around thecountry. The lead…arrow_forwardDefine the key terms below that relate to auditing of government and not-for-profit organizations in your own words. Be sure that you relate the terms to each other in your paragraph. Attestation engagement Generally Accepted Auditing Standards (GAAS) Opinion audits Materiality Financial auditarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub