The GAO Standards of Reporting for Governmental Financial Audits Incorporate

question 37

Multiple Choice

The GAO standards of reporting for governmental financial audits incorporate the AICPA standards of reporting and prescribe supplemental standards to satisfy the unique needs of governmental audits.Which of the following is a supplemental reporting standard for audits in accordance with Government Auditing Standards?

• A)Reports on compliance with laws and regulations and internal control.
• B)Material indications of illegal acts should be reported in a document with distribution restricted to senior officials of the entity audited.
• C)Instances of abuse,fraud,mismanagement,and waste should be reported to the organization with legal oversight authority over the entity audited.
• D)All privileged and confidential information discovered should be reported to the senior officials of the organization that arranged for the audit.

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Definitions:

Problem-Solving Skills

The ability to find solutions to difficult or complex issues, crucial for personal and professional development.

Interpersonal Skills

Abilities used to effectively communicate, interact, and work with individuals and groups through understanding, empathy, and effective listening.

Technical Skills

The abilities and knowledge needed to perform specific tasks, often involving hands-on work with technology, machinery, or specific techniques.

Team Performance

refers to the level of effectiveness and efficiency with which a team achieves its goals and objectives, often influenced by various internal and external factors.