Select the Key Term That Relate to Auditing of Government

question 39

Essay

Select the key term that relate to auditing of government and not-for-profit organizations from the list that best matches with the following definition.
A. Attestation engagement
B. Generally accepted auditing standards (GAAS)
C. Opinion units
D. Materiality
E. Financial audit
F. Generally accepted government auditing standards (GAGAS)
G. Performance audits
________ 1. A process that culminates in an opinion that financial statements present fairly an entity's financial position and results of operations in conformity with GAAP
________ 2. An auditor's judgment as to the level at which the quantitative or qualitative effects of misstatements will have a significant impact on user's evaluations
________ 3. Standards prescribed by the AICPA to provide guidance for planning, conducting, and reporting on audits by CPAs
________ 4. Professional services related to internal control, compliance, MD&A presentation, allowability and reasonableness of proposed contract amounts, final contract costs, and reliability of performance measures
________ 5. Units of the government on which the auditor expresses an opinion (e.g., governmental activities, each major governmental fund, etc.)

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Definitions:

Oligopolistic Market

A market structure characterized by a few firms dominating the market, where each firm is aware of the other's actions, often leading to competitive strategies.

Standardized

refers to making something conform to a standard, ensuring consistency and uniformity across different situations or applications.

Differentiated

In a market, it refers to products that are distinguished from each other through variations in quality, features, branding, or customer service.

Oligopoly

A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.