The GAO Standards of Reporting for Governmental Financial Audits Incorporate

question 23

Multiple Choice

The GAO standards of reporting for governmental financial audits incorporate the AICPA standards of reporting and prescribe supplemental standards to satisfy the unique needs of governmental audits. Which of the following is a supplemental reporting standard for audits in accordance with Government Auditing Standards?

• A) A report on the entity's internal control.
• B) Material indications of illegal acts should be reported in a document with distribution restricted to senior officials of the entity audited.
• C) Instances of abuse, fraud, mismanagement, and waste should be reported to the organization with legal oversight authority over the entity audited.
• D) All privileged and confidential information discovered should be reported to the senior officials of the organization that arranged for the audit.

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Definitions:

Engagements

Formal agreements between partners to marry, marked by a period of preparation and planning for the wedding.

Premarital Counseling

Guided discussions and sessions for couples who are engaged to be married, aimed at strengthening their relationship before marriage.

Better Acquainted

A process of becoming more familiar or knowledgeable about someone or something.

Bride Price

The money, property, or goods paid by the groom or his family to the bride's family as part of the marriage agreement.