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True False Cognizant Agency




1. A ?cognizant agency? can be an employee of either a federal agency or an independent accounting firm.;TRUE;FALSE;2. The Single Audit Act of 1984 was passed to eliminate the costly practice of requiring separate audits for each federal program in which an organization participated;TRUE;FALSE;3. Performance audits are sometimes referred to as ?operational? audits.;TRUE;FALSE;4. Performance audits must be conducted by independent auditors.;TRUE;FALSE;5. To ?attest? means to confirm that something is true, correct, or genuine.;TRUE;FALSE;6. An auditor of any government or not-for-profit that receives federal monies must include a report on the entity?s internal control structure within their audit report or provide a cross-reference to that report.;TRUE;FALSE;7. The AICPA originally established auditing standards for federal single audits;TRUE;FALSE;8. Newly installed computer programs are one indicator that a government?s participation in a federal program may be at high risk of noncompliance.;TRUE;FALSE;9. GAO independence guidelines permit CPA firms to determine the estimated useful lives of their clients? assets.;TRUE;FALSE;10. Under GAO (GAGAS) standards, independent auditors must report all instances of fraud or illegal acts that they discover during the course of an audit.;TRUE;FALSE;11. Regarding the single audit process, required supplemental information is considered to be within the scope of the audit.;TRUE;FALSE;12. Per OMB Circular A-133, ?questioned costs? are those that should not be reimbursed under a federal grant because they are in violation of laws of provisions pertaining to the grant.;TRUE;FALSE;13. The Yellow Book is an informal term for the compendium of all AICPA audit standards.;TRUE;FALSE;14. An audit of a government or not-for-profit under the Single Audit Act has two main components: an audit of the financial statements under general accepted auditing standards (GAAS) and an audit of federal financial awards.;TRUE;FALSE;15. An attestation engagement might include examination of prospective or pro-forma financial statements.;TRUE;FALSE


Paper#73606 | Written in 18-Jul-2015

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