The GAO Government Auditing Standards Requirements for Written Reports in Financial

question 41

Multiple Choice

The GAO Government Auditing Standards requirements for written reports in financial statement audits do not include

• A) Audit report on financial statements.
• B) A report of any significant accomplishments and management improvements.
• C) A report on the auditee's internal control structure and the control risk assessment.
• D) A report on the auditee's compliance with applicable laws and regulations.

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Definitions:

Productivity

The efficiency at which goods and services are produced, usually measured by the amount of output per unit of input over a specific period.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time, often measured by GDP.

Nationalization

The process by which a government takes control over a privately-owned company or industry.

Rule of Law

The principle that all members of a society, including those in government, are equally subject to publicly disclosed legal codes and processes.