An Independent CPA Is Conducting an Audit of an Entity

question 60

Multiple Choice

An independent CPA is conducting an audit of an entity that receives federal financial assistance and is subject to the GAO standards (GAGAS) . The auditor must design the audit to provide reasonable assurance of detecting which of the following?

• A) Immaterial misstatements, if they result from illegal acts.
• B) Noncompliance with entity policies and procedures.
• C) Noncompliance with the terms of contracts or grant agreements.
• D) All of the above.

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Definitions:

Hopelessness

A feeling of despair and pessimism about the future, often associated with depression.

Expectations About the Future

Beliefs or predictions about outcomes or events that have not yet occurred.

Separation Anxiety Disorder

A disorder marked by excessive anxiety, even panic, whenever the individual is separated from home, a parent, or another attachment figure.

Anxiety Disorder

A mental health disorder characterized by excessive fear or worry that affects one's daily functioning.