Which the Following Is Not Included in the GAO Auditing

question 45

Multiple Choice

Which the following is not included in the GAO auditing standards for financial statement audits?

• A) General standards.
• B) Field work standards.
• C) Reporting standards.
• D) Statistical sampling standards.

---

Definitions:

Unrealized Holding

Gains or losses on investments that a company has not yet sold, and therefore, has not realized the cash value from.

Fair Value

An estimate of the market value of an asset or liability based on current market conditions and willing buyer and seller dynamics.

Held-to-Maturity Debt Securities

Financial instruments that a firm has the intent and ability to hold until they mature, recorded at amortized cost.

Marketable Securities

Financial instruments that are easily convertible to cash and are subject to minimal price risk.