When Compared to Generally Accepted Auditing Standards (GAAS), Generally Accepted

question 24

Multiple Choice

When compared to generally accepted auditing standards (GAAS) , generally accepted government auditing standards (GAGAS) include additional General Standard requirements for financial audits related to all of the following except:

• A) Independence.
• B) Quality control and assurance.
• C) Audit opinions.
• D) Competence.

---

Definitions:

Positive Externalities

Benefits that are enjoyed by a third-party or the society at large as a result of an economic transaction.

Optimal Output

The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing efficiency.

Government

The system or group of people governing an organized community, often a state, and the mechanisms and institutions through which they rule.

Efficiency Loss

Efficiency loss, also known as deadweight loss, is the loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.