The GAO Government Auditing Standards Requirements for Written Reports in Financial

question 30

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:

Unmodified Opinion

An auditor's report that concludes the financial statements of an entity are fairly and appropriately presented, without any identified exceptions.

Unusual Items

Refers to uncommon or rare transactions that are not expected to occur frequently within the normal course of business.

Accounting Principles

Fundamental guidelines or rules that form the basis for accounting practices, such as relevance, reliability, comparability, and consistency.

Quick Ratio

A liquidity measure that indicates a company's ability to cover its short-term liabilities with its most liquid assets.