22. In performing and audit of financial statements in accordance with Governmen
ID: 2593293 • Letter: 2
Question
22. In performing and audit of financial statements in accordance with Government Auditing Standards, the auditors are required to provide a report on:
MULTIPLE CHOICE
a. Compliance with International Audit Standards.
b. Financial assistance received.
c. Compliance with laws and regulations and internal control.
d. Computer systems used in administering federal assistance programs.
24. In the audit of personal financial statements assets are shown at:
MULTIPLE CHOICE
a. Historical cost
b. Estimated current value
c. average cost
d. income tax cost basis
32. Purchase cutoff procedures should be designed to test that:
MULTIPLE CHOICE
a. Inventory purchased and received just before the balance sheet date is recorded in the year under audit.
b. The inventory year end balance is shown at the lower of cost or market.
c. The inventory that is in the possession of the company is owned by the company.
d. Adjustments for inventory obsolescence have been made.
38. Upon completing an audit, the auditors should issue an opinion on the client's financial statements.
a. List the conditions that permit the issuance of an unmodified report on the financial statements.
b. Describe three situations in which the auditors may issue an unmodified report with explanatory language.
a. Compliance with International Audit Standards.
b. Financial assistance received.
c. Compliance with laws and regulations and internal control.
d. Computer systems used in administering federal assistance programs.
Explanation / Answer
22. D. Compliance with laws and regulations and internal control..
24. b. Estimated current value
32. a. Inventory purchased and received just before the balance sheet date is recorded in the year under audit.
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