Question : 77.Which of the following a governmental audit type that has : 1255365

77.Which of the following is a governmental audit type that has a primary concern with providing reasonable assurance about whether financial statements are presented fairly?

A)Attestation Engagement.

B)Performance Audit.

C)Financial Audit.

D)Nonaudit services.

78.              Government Auditing Standards, published in a document called the Yellow Book, incorporate the AICPA standards and provide extensions that are necessary due to the unique nature of public entities.  Which of the following is not one of the extensions?

A)              Higher materiality thresholds than in the private sector.

B)              Public availability of audit reports.

C)              Written evaluation of internal controls.

D)              Requirement that auditors have knowledge of government accounting and auditing.

79.              Which organization promulgates the Government Auditing Standards?

A)The American Institute of Certified Public Accountants.

B)The U.S. Office of Management and Budget.

C)The U.S. Government Accountability Office.

D)The U.S. Congressional Budget Office.

80.              Which of the following would be a financial audit (or a part of a financial audit) under the Government Auditing Standards?

A)An audit expressing an opinion on the basic financial statements of a state or local government audit.

B)An examination to determine whether purchasing procedures are appropriately designed to assure program supplies meet standards.

C)Both A and B above.

D)Neither A nor B above.

81.              Which of the following would be considered a performance audit under the Government Auditing Standards?

A)An investigation into whether a purchasing department of a government was operated efficiently.

B)An investigation into whether a social service agency of a state government improved the lives of its clients.

C)Both A and B above.

D)Neither A nor B above.

82.              Which of the following is true regarding the Single Audit Act and its amendments?

A)Governments and not-for-profit organizations that exceed $50 million in federal awards are normally assigned a cognizant agency to provide guidance.

B)Smaller governments report to oversight agencies; typically the agency providing more funding than any other agency.

C)Both A and B above.

D)Neither A nor B above.

83.              Which of the following is true regarding the Single Audit Act and its amendments?

A)An auditor is expected to express an opinion on “major programs,” which are chosen based on size.

B)An auditor is required to select all “Type A” programs as major programs.

C)Both A and B above.

D)Neither A nor B above.

84.              Which of the following is true regarding the Single Audit Act and its amendments?

A)Major programs selected for audit must equal 50 percent or more of federal expenditures, unless the organization is deemed to be low risk.

B)Separate reports are filed with every federal agency from which the audited organization receives funds.

C)Both A and B above.

D)Neither A nor B above.

85.              Which of the following is true regarding the Single Audit Act and its amendments?

A)A risk-based approach is used.

B)An opinion is required on compliance of all programs.

C)Both A and B above.

D)Neither A nor B above.

86.              Which of the following is true regarding the Single Audit Act and its amendments?

A)All governmental entities with expenditures of federal funds in excess of $500,000 must have a single audit, if more than one program exists.

B)An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk.

C)Both A and B above.

D)Neither A nor B above.