Generally Accepted Government Auditing Standards (GAGAS) Require That Auditors Conducting

question 65

True/False

Generally accepted government auditing standards (GAGAS) require that auditors conducting a GAGAS audit complete at least 80 hours of continuing professional education (CPE) that directly contributes to the auditor's professional proficiency to perform such audit work.

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Definitions:

Stock Dividend

A disbursement from a corporation to its shareholders, using shares as the medium instead of cash.

Stockholders' Equity

The ownership interest of shareholders in a corporation, represented by their share of the company's assets after all liabilities have been deducted.

Convertible Bonds

Bonds that can be converted into a predetermined number of the issuing company's shares at certain times during the bond's life, usually at the discretion of the bondholder.

Diluted Earnings Per Share

A metric that calculates a company's earnings per share (EPS) if all convertible securities were converted into common stock, often resulting in a lower EPS.