Generally Accepted Government Auditing Standards (GAGAS) Apply to All of the Following

question 43

Multiple Choice

Generally accepted government auditing standards (GAGAS) apply to all of the following audits except:

• A) Financial statement audits of federal organizations.
• B) Financial audits of not-for-profit organizations not receiving or expending federal financial awards.
• C) Financial audits of governments receiving and expending federal grants.
• D) Performance audits of federal programs.

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Definitions:

Value Engineering (VE)

A systematic method to improve the "value" of goods or products and services by using an examination of function. Value, in this context, can be defined as the ratio of function to cost.

Value Analysis (VA)

is a method to improve product value by examining its function, design, and the cost of components, aiming for cost reduction while maintaining quality.

FinTech Firms

Companies that innovate and provide technological solutions for the finance sector, often disrupting traditional banking services and methods.

Process Technology Innovation

The introduction of new or significantly improved technologies or methods in the production process to enhance efficiency, quality, or environmental performance.