Which of the Following Statements Regarding Generally Accepted Government Auditing

question 55

Multiple Choice

Which of the following statements regarding generally accepted government auditing standards (GAGAS) is not true?

• A) GAGAS incorporate AICPA auditing standards and specifie additional general,performance,and reporting standards.
• B) GAGAS must be used on all audits of governmental entities.
• C) GAGAS are issued by the Government Accountability Office.
• D) GAGAS cover both financial and performance audits.

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Definitions:

Entrepreneur Angels

Wealthy individuals who provide capital for startups, usually in exchange for ownership equity or convertible debt.

Active Involvement

Participation that is fully engaged and contributory towards a project or activity.

Companies

Organizations engaged in commercial, industrial, or professional activities, structured as entities to conduct business.

Enthusiast Angels

Individual investors who are passionate about a startup's industry or mission and invest their personal funds and sometimes expertise, in the early stages of the company's growth.