Which of the Following Would Be a Financial Audit (Or

question 50

Multiple Choice

Which of the following would be a financial audit (or a part of a financial audit) under the Government Auditing Standards?

• A) An audit expressing an opinion on the basic financial statements of a state or local government audit.
• B) An examination to determine whether purchasing procedures are appropriately designed to assure program supplies meet standards.
• C) Both of the above
• D) Neither of the above

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Definitions:

Staff

Refers to all the employees of an organization or a specific group within.

Coworkers

Individuals working together in the same organization, sharing responsibilities or projects.

Manufacturing Company

An enterprise engaged in the industrial production of goods through the processing of raw materials.

Senior Managers

Top-level executives who are responsible for managing an organization's major functions.