The ________phase of a Government Audit defines the scope and methodology to provide sufficient competent and relevant evidence to achieve the audit objectives. - ANSWER Planning
Which standards apply to Federal Gover
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The ________phase of a Government Audit defines the scope and methodology to provide sufficient competent and relevant evidence to achieve the audit objectives. - ANSWER Planning
Which standards apply to Federal Government Audits? - ANSWER GAGAS, the yellow book
Who supervisors monitors and initiates audits and investigations relating to DoD programs and operations? - ANSWER The DoD IG
True or False? An internal audit organization provides absolute assurance that waste, fraud and abuse will not occur. - ANSWER FALSE. No audit or review can give absolute assurance that improprieties did not or will not occur.
How many hours of continuing professional education must an auditor complete __________ (a) each two years and what is the minimum in any of the years _________(b)? - ANSWER 80 (a) and 20 (b)
The type of audit that determines whether financial information is presented in accordance with established criteria, whether there is adherence to compliance requirements and if financial assets are adequately safeguarded is a _____________ audit. - ANSWER Financial Audit
The GAGAS standard for auditors that states that, "In all matters relating to the audit work, the audit organization and the individual auditors whether Government or public should be free from personal and external impairments" is called___________. - ANSWER Independent
The __________ phase of a Government Audit begins by gathering audit evidence. Evidence should be sufficient competent and relevant to support findings. - ANSWER Review
The ________ phase of a Government Audit includes the audit objective, the findings, and recommendations. - ANSWER Reporting
The _________ benefits of an audit are those that can be classified as Funds put to better uses or Questioned Cost. - ANSWER Monetary
The ____ benefits of an audit are those that are valuable to the government but that cannot be expressed in monetary terms. - ANSWER Non Monetary
Quality control for audits are achieved through the establishment of a _________ program to provide reasonable assurance that DoD auditors have complied with applicable auditing standards and DoD audit policies. - ANSWER quality control
The type of audit that determines whether the entity is acquiring and using resources economically and efficiently, within applicable laws and if they are achieving the desired results is called ________. - ANSWER Performance Audit
Evidence may be categorized as : - ANSWER Physical, documentary, testimonial, and analytical
The minimum number of hours of continuing education an auditor must complete each year and over a two year period is _______ and ______. - ANSWER 20; 80
The audit organization has the responsibility for ensuring that independence is maintained, applicable standards are followed, they have adequate internal controls in place, they under go external reviews and that ___________. - ANSWER The audits are conducted by auditors who all are familiar in the required skill for the particular audit but who collectively have the necessary skills
Government audits provide essential elements of public accountability and ________. - ANSWER Control
Audits that provide reasonable assurance that financial statements are presented fairly and whether information is presented in proper format are called___________. - ANSWER Financial and financially related audits
Auditors ________ should provide sufficient information to enable an experienced auditor with no prior connection to the audit to come to the same conclusion regarding conclusions and judgments. - ANSWER Working Papers
Audits that provide an objective and systematic examination of evidence for the purpose of providing an independent assessment of an organization is called_____________________. - ANSWER Performance Audits
Audits that determine if resources are protected or used them in the best manner possible is a _______. - ANSWER Performance Audits, Economy and efficiency
_________ in auditing means using sound judgment in establishing scope, methodology and testing procedures. - ANSWER Due professional care
Organizations conducting audits under the GAO guidelines should have an objective external quality review at least every _________ years. - ANSWER 3
Auditor's consideration of materiality is ___________. - ANSWER A matter of professional judgment
True or False? Follow-up is required to determine if material findings have been corrected from previous audits. - ANSWER TRUE
Internal Controls over safeguarding assets should provide _________ regarding prevention or timely detection of wrongdoing. - ANSWER Reasonable Assurance
In audit terminology a(n) ___________is a situation that exists. - ANSWER Condition
In audit terminology a(n) ___________is that directive, order or law that determines how a process is done or presented. - ANSWER Criteria
An auditor should have _______, _______, _______ evidence. In other words they should have an adequate amount of the best available and pertinent evidence available. - ANSWER Sufficient, Competent, Relevant
True or false? Auditors are required to gain an understanding of all management controls of an activity they are auditing. - ANSWER FALSE. Auditors are required to gain an understanding of the controls in place for the area to be audited. There is no requirement to have an understanding of all controls in place.
True or false? Auditor's should continue to conduct interrogations of potential violators in cases when clear evidence of theft has occurred. - ANSWER FALSE. Auditors are neither investigators or law enforcement.
If an auditor is trying to determine if an entity is using resources economically and efficiently they are conducting an ___________. - ANSWER Performance
Using actual copies of invoices vice the use of "hear say" is an example of obtaining __________evidence. - ANSWER Competent
True or False? Obtaining evidence in adequate amounts so that an auditor of similar experience may reach a similar conclusion is called using due professional care. - ANSWER TRUE
All audits should be _______. - ANSWER All of the above. [Planned, Reported, Followed-up]
Which of these is a way that an auditor can obtain an understanding of management controls? - ANSWER All of the above. [Through observation; Through inspection of documents; Through review of other audit reports]
_________ evidence is using information that is in the appropriate amount so that another reasonable and experienced auditor can reach a similar conclusion. - ANSWER Sufficient
Using enough information so that another experienced auditor may make similar conclusions to support findings is called using __________. - ANSWER Sufficient
Using information that pertains to the audit objective or audit step is called ________ evidence. - ANSWER Relevant
_________ evidence pertains to evidence that is the best available. - ANSWER Competent
Which of the fact is not an element of report presentation according to auditing standards. - ANSWER Report should be short
Auditors may do all of the following EXCEPT __________ - ANSWER Perform interrogation of possible suspect
An audit to determine if the program has met the requirement of expediting the procurement of items and whether items obtained using the program were allowable under applicable guidelines would be considered a _________ audit. - ANSWER Performance Audit
A finding or set of findings is complete to the extent that _________. - ANSWER Audit objectives are satisfied and the report clearly relates objective to the findings elements
The appropriation time line for R&D is __________ years. - ANSWER 2
___________ appropriations is (are) no longer available for adjustments or payments, any adjustments will be charged to current same appropriation (1% max) (occurs after year 6). - ANSWER Cancelled
___________ is (are) available for payment and obligation adjustment from years 2-6; FY remains and appropriation integrity required. - ANSWER Expired
The appropriation time line for Military Construction is ___________ years. - ANSWER 5
The appropriation time line for Procurement (excluding Shipbuilding Navy Conversion) is _______ years. - ANSWER 3
The budgetary resources that are available for new obligations until the purposes for which were provided are carried out are called__________. - ANSWER No-Year Authority
It is the responsibility of the _________ to review and approve agency systems of administrative control of funds to prevent violations of the Anti-Deficiency Act. - ANSWER Office of Management and Budget (OMB)
True or False? Article 2 section 8 empowers Congress to collect taxes and Section 9 requires appropriations in law before money can be spent from the Treasury. - ANSWER FALSE. Article 1 section 8 empowers Congress to collect taxes and Section 9 requires appropriations in law before money can be spent from the Treasury.
___________ appropriations is (are) available for payments and obligation adjustment from years 2-6; Fey remains and appropriation integrity required. - ANSWER Expired
The penalty for willfully and knowingly violating the Anti Deficiency Act is _________. - ANSWER Up to 2 years and a $5,000 fine or both
Over obligation of an appropriation or funds and obligations or contracts in advance of an appropriation is a violation of_______________. - ANSWER 31,USC 1341(a)
Acceptance of voluntary service is a violation of________________. - ANSWER 31,USC 1342
Over-obligations of apportionments, allotments or other subdivision of funds is a violation of ____________. - ANSWER 31,USC 1517
True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER FALSE. A working Capital Fund can violate Title 31 USC section 1517 if it exceeds the amount of the apportionment, exceeds the available budgetary resources and 1341 if amounts expended
The _________ governs the congressional budget, defines key budget terms and establishes house and senate budget committees and the Congressional Budget Office. - ANSWER Congressional Budget Act of 1974
A(n) ________ is the shift from one purpose or activity to another within the same appropriations. - ANSWER Reprogramming
_____________ is the shift from one purpose or activity to another between different appropriations. - ANSWER Transfer
The Package that lists all of the reprogramming actions and all sources and increases is the __________. - ANSWER Omnibus Reprogramming Request
The amount of obligational authority transferred from one agency bureau or account that is set aside in a transfer appropriation account to carry out the purpose of the parent appropriation or fund is a(n) _________. - ANSWER Allocations
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