Reference no: EM13551059

Performance audits differ from financial audits in that
a. The GAO's ''general standards'' do not apply to performance audits
b. In conducting performance audits, the auditors do not necessarily attest to assertions of management
c. The auditors need not issue a formal report setting forth their findings
d. The main focus should be on activities that satisfy the criteria of Circular A-133 as ''major programs''

In discerning the objectives of a program to be audited, the auditors should give the greatest credibility to
a. The legislation creating the program
b. The organization's program budget
c. The organization's mission statement and strategic plan
d. Comments by the mid-level employees who actually implement the program

In reporting the results of a performance audit, it would be inappropriate for the auditors to
a. Conjecture as to the reasons for the program's failure to achieve desired results
b. Include the auditors' response to management's objections to the auditors' findings
c. Provide recommendations as to how the program can be improved
d. Criticize management for failing to establish appropriate goals and objectives

Per OMB Circular A-133, the Schedule of Expenditures of Federal Awards
a. Must be explicitly tested and reported upon by the auditors
b. Should serve to help auditors to determine the scope of their audit work but need not be explicitly tested
c. Must be tested but need be reported upon by the auditors only if the tests reveal material errors
d. Must be explicitly tested and reported upon by the auditors only if the total of federal awards is material relative to total expenditures

Which of the following would not be reported upon in the Schedule of Findings and Questioned Costs?
a. Significant deficiencies in internal control
b. Material noncompliance with provisions of laws, regulations, contracts, or grant agreements
c. Material examples of inefficiency and ineffectiveness in carrying out federally funded programs
d. Federally reimbursed expenditures that are not adequately documented

The requirement for a report on compliance and internal control over financial reporting is set forth in the
a. AICPA's Professional Standards
b. GAO's Government Auditing Standards
c. Single Audit Act
d. OMB Circular A-133