Which of the Following Is (Are)true Regarding the Government Accountability

question 37

Multiple Choice

Which of the following is (are) true regarding the Government Accountability Office?

• A) The GAO is among the three principals which approve financial reporting recommendations of the Federal Accounting Standards Advisory Board
• B) The GAO establishes auditing standards applicable to the federal government and its agencies
• C) Both (a) and (b) above
• D) Neither (a) nor (b) above

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Definitions:

Restatement (Third) Of Torts

A set of model legal doctrines in the United States that seeks to clarify, modernize, and otherwise improve the law of torts, acting as guidelines or persuasive authority in court decisions.

Auditor Liability

Legal responsibility borne by auditors due to negligence or other failures in their auditing activities.

Restatement Rule

A principle in common law jurisdictions where courts follow authoritative summaries of the common law, often used for clarity and consistency in legal principles.

Third Parties

Individuals or entities that are not directly involved in a contract or legal agreement but may be affected by its outcome.