Which of the Following Is Responsible for Auditing the Federal

question 38

Multiple Choice

Which of the following is responsible for auditing the federal government' consolidated financial statements?

• A) Congressional Budget Office
• B) US Department of Internal Audit
• C) Office of Management and Budget
• D) Government Accountability Office

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Definitions:

Proprietary Fund

A type of government fund created to manage activities that are similar to those found in the private sector, where services are provided to the public for a fee.

Statement of Net Position

A financial statement that displays an organization's assets, liabilities, and net position at a specific point in time, highlighting its financial health.

Statement of Revenue

A financial statement that shows the income earned by a company over a certain period of time.

Fiscal Year

A one-year period used for financial reporting and budgeting, which may or may not align with the calendar year.