In Performing an Audit in Accordance with Generally Accepted Government

question 142

Multiple Choice

In performing an audit in accordance with Generally Accepted Government Auditing Standards (the "Yellow Book") , the auditor:

• A) Accepts less responsibility in conducting fieldwork than is accepted in a GAAS audit, since the specific requirements of the Generally Accepted Government Auditing Standards reduce required professional judgment.
• B) Accepts shared responsibility with Federal Inspectors General, who are equally responsible for compliance evaluation, control, and reporting.
• C) Accepts greater reporting responsibilities than accepted under a GAAS audit, since the auditor must report on compliance with laws, rules, and regulations, violations of which may affect financial statement amounts, and on the organization's internal control over financial reporting.
• D) Accepts equal reporting responsibilities with that accepted under GAAS audits, since compliance evaluation and reporting have implied financial statement implications and require expanded treatment as a material contingency.

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