auditors apply certain limited procedures W r i t i n g

auditors apply certain limited procedures W r i t i n g

Part A:

For each of the following items, indicate whether the standards are GAAS or GAGAS standards, or both, and why.

  1. The auditor must identify in the
    auditor’s report those circumstances in which such principles have not
    been consistently observed in the current period in relation to the
    preceding period.
  2. The auditor must adequately plan the work and must properly supervise any assistants.
  3. Auditors apply certain limited
    procedures in connection with RSI to provide assurance that it is fairly
    presented in relation to the basic financial statements.
  4. Pertinent information should be communicated to individuals contracting for or requesting an audit.
  5. Known findings and recommendations
    from previous engagements that directly relate to the current audit
    should be considered in planning.
  6. When the financial statement audit
    report contains an opinion or a disclaimer of opinion, a report on
    internal control over financial reporting and on compliance with laws,
    regulations, and provisions of current contracts and grants must be
    provided as part of the report or as a separate report.
  7. The auditor exercises due professional care in the performance of the audit and preparation of the report.
  8. When the audit findings involve
    deficiencies, the elements (criteria, condition, cause and effect) of
    the findings should be developed.

Part B:

  1. Discussion
    at a local meeting of the government finance officers centered on using
    a balanced scorecard to present information to the public on the
    government’s website. Describe how the components of a balanced
    scorecard and provide an example of how each component is applicable in a
    governmental setting.
  2. Under the
    hierarchy of Generally Accepted Accounting Principles, describe the
    sources of accounting principles that have the most authority for state
    and local governments, federal government entities, and non-government
    entities. Where do accountants and auditors look when a particular item
    is not covered within the hierarchy?


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