Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 11, Problem 6Q
To determine
Explain the necessity of the Office of the Management and Budget’s (OMB) Uniform Guidance, the OMB Compliance Supplement, and the Government Auditing Standards (GAS) framed by Government’s Accountability Office (GAO), for a newly hired staff auditor who is assigned a government engagement that includes a single audit.
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Chapter 11 Solutions
Accounting For Governmental & Nonprofit Entities
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
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- Matt Gunlock, CPA, is performing an audit of the City of Ryan in accordance with AICPA generally accepted auditing standards. Required: a. Must Matt be concerned with the city’s compliance with laws and regulations? Explain. b. How should Matt decide on the nature and extent of the tests of compliance that should be performed in the audit?arrow_forwardKroer & Sumner, CPAs performs a number of audits for its clients using GEnerally accepted Government Accounting Standards. As part of their GAGAS engagements, the firm often performs nonaudit services as defined by GAGAS. Which of the following is considered a nonaudit service under GAGAS and NOT a routine activity related to an audit? A) Providing advice to the audited entity on routine business matters B) Educating the audited entity on mantters within the technical expertise of the auditors C) Cash to accrual conversions D) Providing information to the audited entity that is reeadily available to the auditors, such as best practices ad benchmarking studiesarrow_forwardWhich of the following would be considered the most significant problem for internal auditif the chief audit executive reports to the controller?a. The controller would amend the audit schedule so more audit time was spent on accounting issues.b. The controller may have no training as an internal auditor.c. During times when the budget needs to be cut, internal audit would likely be the first tolose funding.d. The controller can control the scope of audits and censor audit reports before being sentto management and the audit committeearrow_forward
- Please answer with reason for all why the option is correct and why the other options are incorrect Which of the following matters would an auditor most likely ask client management to affirm in an audit representation letter? Communications with those charged with governance concerning weaknesses in internal control Plans to acquire or merge with other entities in the subsequent year The reasonableness of significant assumptions used in making accounting estimates Management's acknowledgment of its responsibility for the detection of employee fraudarrow_forward46 Delano Co. is required to file its annual audited financial statements with the Government Accountability Office, and Smith & Olson, CPAs have been hired to perform the engagement. Which of the following nonaudit services provided by Smith & Olson would NOT impair the firm's independence? I. Accepting responsibility for designing, implementing, or maintaining internal control. I. Accepting responsibility for the management of an audited entity's project. III. Directing and accepting responsibility for the actions of the audited entity's employees in the performance of their routine, recurring activities. I. lI. and III 2. I only 3. Il only 4. III only Please donot provide solution in image format and it should be in step by step format and provide solution asaparrow_forwardA public accounting firm’s independence is not impaired when members of the auditengagement team does which of the following for a public company audit client?a. Prepares special purchase orders for active plutonium in secure national defense installations.b. Completes operational internal audit assignments under the directions of the client’sdirector of internal auditing.c. Prepares outsourced internal audit work on the client’s financial accounting control monitoring.d. Prepares actuarial assumptions used by the client’s actuaries for life insurance actuarialliability determination.e. All of the above would impair the public accounting firm’s independencearrow_forward
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