The GAO standards of reporting for governmental financial audits incorporate the AICPA standards of reporting and prescribe supplemental standards to satisfy the unique needs of governmental audits. Which of the following is a supplemental reporting standard for audits in accordance with Government Auditing Standards?
A. Material indications of illegal acts should be reported in a document with distribution restricted to senior officials of the entity audited.
B. Instances of abuse, fraud, mismanagement, and waste should be reported to the organization with legal oversight authority over the entity audited.
C. All privileged and confidential information discovered should be reported to the senior officials of the organization that arranged for the audit.
D. Reports on compliance with laws and regulations and internal control.
Answer: D
You might also like to view...
The purchase of office equipment at a cost of $2,600 with an immediate down payment of $1,200 and agreement to pay the balance within 60 days is recorded by:
a. A debit of $2,600 to Office Equipment, a debit of $1,200 to Accounts Receivable, and a credit of $1,400 to Accounts Payable. b. A debit of $1,400 to Accounts Receivable, a debit of $1,200 to Cash, and a credit of $2,600 to Office Equipment. c. A debit of $2,600 to Office Equipment, a credit of $1,200 to Cash, and a credit of $1,400 to Accounts Payable. d. A debit of $2,600 to Office Equipment, a credit of $1,200 to Cash, and a credit of $1,400 to Accounts Receivable.
Explain how communicating via Facebook or Twitter can have a negative impact on how others perceive you.
What will be an ideal response?
Goods on consignment should be included in the inventory of
a. the consignor but not the consignee. b. the consignee but not the consignor. c. both the consignor and the consignee. d. neither the consignor nor the consignee.
Most computer presentations require a very fast computer
a. true b. false