The US Office of Management and Budget Issues Generally Accepted Auditing

question 18

True/False

The U.S. Office of Management and Budget issues generally accepted auditing standards which provide general guidelines for government audits and address the minimum responsibilities of the auditor.

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Definitions:

Discretionary Responsibilities

Obligations that an individual or organization chooses to undertake voluntarily, beyond what is legally or contractually required.

Demand Legitimacy

The validity and legitimacy of a stakeholder’s interest in the organization.

Stakeholder's Concerns

The issues or interests that stakeholders (individuals or groups affected by or with an interest in a company's operations) have in the actions and performance of an organization.

Corporate Governance

The system of rules, practices, and processes by which a company is directed and controlled, focusing on balancing the interests of stakeholders.