Audit of Governmental Organizations & Single Audits

Question 1

What are the Governmental Auditing Standards?

Answer 1

GAAS - Generally Accepted Auditing Standards
GAGAS - Generally Accepted Government Auditing Standards (Yellow Book)

Question 2

What types of engagements are allowed under GAGAS?

Answer 2

Financial audits - financial statements, internal controls, compliance
Attestation engagements - examination, review, agreed-upon procedures
Performance audit

Question 3

In a financial statement audit under GAGAS, is an opinion expressed?

Answer 3

Yes

Question 4

In an internal control audit under GAGAS, is an opinion expressed?

Answer 4

No

Question 5

In a compliance audit under GAGAS, is an opinion expressed?

Answer 5

No

Question 6

What are the general standards of GAGAS?

Answer 6

Independence
Professional judgment
Competence
Quality control and assurance
Planning and supervision

Question 7

What is a single audit?

Answer 7

A single audit is a specialized kind of audit applied to organizations that expend federal awards or assistance.