Through history we get to learn about the local government, its functions and its role in the society. The test below seeks to find and enhance your knowledge about it. Take it up to find out much more. Indulge.
AICPA Practice bulletins if specifically made applicable to state and local governments by the AICPA (and cleared by the GASB)
Consensus positions of the GASB Emerging Issues Task Force
Implementation guides ("Qs and As") published by the GASB staff
AICPA Industry Audit and Accounting Guides
Fund financial statements are presented along with government-wide statements in the basic financial statements
There is a violation of generally accepted accounting principles that does not cause the basic financial statements to be materially misstated
The auditor is not independent of the government being audited
The government issues inaccurate financial statements
GAGAS and GAAS provide standards for financial audits, attestation engagements, and performance audits
GAGAS encompasses GAAS and supplement certain GAAS
Single audits must be performed using GAGAS and GAAS
GAGAS are promulgated by the Governmental Accountability Office and GAAS are promulgated by the Governmental Accounting Standards Board
Annually
At the end of the audit engagement, just prior to issuing the audit report
When taking on a nonaudit service engagement at an audited entity
All of the above
Apply to all entities that receive $500,000 or more in a fiscal year
Results in the same number of reports as a generally accepted government auditing standards (GAGAS or yellow book) audit
Must be performed in accordance with generally accepted government auditing standards
Result in a reporting package that is submitted to the Government Accountability Office
Provide information to improve program operations and facilitate decision making by management
Determine whether government programs and activities are meeting their stated goals and objectives
Determine whether governments are performing their duties in the most economic and efficient manner possible
All of the above
For opinion units
At the government-wide level
At the fund level
For governmental and business-type activities and the aggregate discretely presented component units only
All Type A programs, unless the auditor has identified one as low risk
All Type A programs, including any the auditor considers low-risk programs
All Type B programs
At least 50 percent of all federal funds received
The same as with the basic financial statements
To perform certain limited procedures to ensure that RSI is fairly presented in relation to the audited financial statements
The same as for all information in the financial section of a comprehensive annual financial report
To render an opinion as to the fairness of the RSI and whether it conforms to generally accepted accounting principles
Conducting a financial audit of governmental entities
Conducting financial audits, attestation engagements, and performance audits of governmental entities
Conducting a single audit of a government that has expended more than $500,000 in federal financial assistance
None of the above
Independent CPAs.
State audit agencies.
Federal grantor agencies.
The Office of Management and Budget (OMB).
Introductory paragraph.
Opinion paragraph.
Scope paragraph.
Explanatory paragraph.
Introductory paragraph.
Opinion paragraph.
Scope paragraph.
Explanatory paragraph.
Identifies the statutes the auditor determined to be relevant to the financial activities of the government.
Identifies the financial statements that the auditor has examined.
Identifies all applicable accounting records that were located and examined.
Identifies the standards used in performing the audit.
All audits of state and local government reporting entities.
Audits to determine efficiency and economy.
Audits following the Single Audit Act of 1984 (with 1996 Amendments) and the revised OMB Circular A-133.
Financial and performance audits, and attestation engagements.
Bias threat.
Familiarity threat.
Undue influence threat.
Management representation threat.
Deficiency.
System design weakness.
Unacceptable reportable condition.
Audit alert item.
Determining whether financial statements fairly present the entity's operational results.
Judging the appropriateness of an entity's program goals.
Determining whether financial statements fairly present in conformity with GAAP.
Assessing effectiveness and results, economy and efficiency, and internal controls and compliance with laws and regulations.
Financial audit of financial statements.
Performance audit.
Audit to determine whether the entity has adhered to specific compliance requirements applicable to a major program.
Audit to determine whether a governmental department's financial information complies with specific state regulatory requirements.
Financial statements and schedule of expenditures of federal awards.
Summary schedule of prior audit findings.
Report on efficiency and effectiveness.
Corrective action plan.
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