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Finally, each chapter sets out audit steps to help plan and conduct the assessment of an acquisition.

Steps on how to audit assessments of acquisitions are in each chapter.

Only the last chapter has steps on auditing assessments for acquisitions.

The inspection activities are for a variety of to ensure that dutiable merchandise is declared, to seize contraband (such as narcotics and illegal drugs), to detect infringements of patent and copyright laws, and so forth.

The inspection activities are for a variety of to ensure that merchandise is declared.

The inspection activities are for a variety of to ensure that merchandise is not declared.

The auditor will be trying to determine whether a project will result in a specified product or level of performance and will be delivered at a specified time and cost.

The auditors results will determine whether the project meets its goals.

The auditor is paid to report what the company wants it to report.

The auditor can examine projected versus actual levels of total personnel or of key, experienced personnel.

The auditor can look at projected levels instead of actual levels.

The auditor can only look at actual levels.

The monitoring process should also include policies and procedures for ensuring that the results of the reviews are communicated to the appropriate individuals within the organization so that they can be promptly resolved.

Monitoring should pass problems onto people likely to solve them.

Monitoring should limit passing knowledge of problems along.

With the passage of the Single Audit Act in 1984, the Commonwealth of Virginia had to produce and have audited Comprehensive Annual Financial Reports (CAFR) for the first time.

In accordance with the Single Audit Act, Virginia audited the CAFR.

The passage of the Single Audit Act means Virginia does not have to audit anything.

Ultimately, the benefits of audit work occur when audit findings are resolved through meaningful and effective corrective action taken in response to the auditors' findings and recommendations.

Meaningful corrective actions are what make audits worth doing.

Audits are only beneficial because they inform leaders of problems.

7.36 Written audit plans may include the following.

Audit plans may include the following:

The audit plans need to be presented in podcast form.

Outside auditors bear varying degrees of responsibility for these recent failures, but they don't bear all the responsibility.

The outside auditors do not bear all the responsibility.

The outside auditors bear all the responsibility.

But that is the exact situation that many low- and moderate-income taxpayers face when being audited by the Internal Revenue Service.

But that is the situation many low income taxpayers end up in when audited by the IRS.

But that is the situation which is rare for those being audited by the IRS.

Audit Steps 1. Determine whether the solicitation document

Steps of Auditting 1: Decide if the document

Step 1 of the Audit - Ignore the request entirely

Auditors also may find it necessary to use the work of legal counsel when an audit requires testing compliance with provisions of contracts or grant agreements.

Legal counsel may be required by auditors when their audits call for selective compliance assurance tests.

Auditors don't use legal personnel in the execution of compliance tests, ever.

Table I.1: Map to the Audit Guide

Refer to Table I.1 for Map to the Audit Guide.

There is not Table I.1

When computer-processed data are used by the auditor, or included in the report, for background or informational purposes and are not significant to the auditors' findings, citing the source of the data and stating that they were not verified will satisfy the reporting standards for accuracy and completeness set forth in this statement.

Auditors use computer-processed data.

Auditors only use human-processed data.

yeah i've become kind of the PC guru in our audit department because it's mostly financial auditors with an accounting back ground

Mainly because everyone else has an accounting focus I have become the PC guru for the department.

There is no one in my department, including myself, that knows anything about PCs.

In any event, auditors need to make judgments about the extent of follow-up needed and the appropriate disclosure of uncorrected significant findings and recommendations from prior audits that affect the audit objectives.

Auditors need to make judgments regarding the extent of follow-up needed.

In any event, auditors do not have to make any judgments.

We also need to take this type of approach in connection with key accounting/reporting and audit issues.

We have to approach it that way for audits.

We have to approach it that way for assemblies.

The first reporting standard for performance audits

The initial standard for reporting performance audits.

The final reporting standard for performance audits ever.

The quantity, type, and content of audit documentation is a matter of the auditors' professional judgment.

The character of the audit documentation is totally up to the judgement of the auditor.

There are many restrictions on what the auditor can include in the documentations.

8.25 Auditors should report conclusions when called for by the audit objectives.

Auditors should report their conclusions when called for

Auditors should never report their findings

However, implementation of available technologies does not change the requirement that audit trails of transactions and authorizations be maintained or the rigors of examination of invoices not be compromised.

Implementation of available technologies does not change the requirement that audit trails of transactions and authorizations be maintained or the rigors of examination of invoices not be compromised.

Implementation of available technologies will change the requirement.

AUDIT takes 4 to 8 minutes to administer.

An audit takes 4-8 minutes.

An audit takes an hour.

Auditors should also ensure that the model used is consistent with the software development methodology of the project under consideration.

Auditors should ensure that the model used is consistent with the methodology of the project.

Auditors don't care about whether the model's consistent with the methodology,

Payne said he and other administrators are looking at how broad the rental inspection program should be and whether the changes will mean more staffing and more money.

The administrators are checking how broad the rental inspection program should be.

The administrators discussed the location of the program.

The primary factor that distinguishes fraud from error is whether the underlying action that results in the misstatement in the financial statements is intentional or unintentional.

Fraud must be intentional.

Unintentional errors can still be prosecuted as fraud if the harm done to individuals is great enough.

The auditor should refer to agency-specific requirements for more information.

The auditor should refer to the requirements if they have questions.

The auditor should not have to refer to the requirements if they have questions.

7.37 The second field work standard for performance audits

There are field world standards for performance audits.

There are field world standards for financial audits.

The information contained in audit documentation constitutes the principal record of the work that the auditors have performed and the conclusions that the auditors have reached.

The information in the audit includes the work the auditors did.

The information in the audit includes just part of work the auditors did.

Because of the increased accountability associated with government audits, auditors performing financial audits in accordance with GAGAS should consider the following guidance related to audit risk and materiality (see paragraphs 4.26 and 4.27), internal control over safeguarding of assets (see paragraphs 4.28 through 4.33), internal control over compliance (see paragraphs 4.34 through 4.36), and professional judgment concerning possible fraud and illegal acts (see paragraphs 4.37 and 4.39).

Auditors performing financial audits in accordance with GAGAS, because of the increased accountability associated with government audits, should consider the following guidance related to audit risk and materiality, internal control over compliance & safeguarding of assets, as well as professional judgment concerning possible fraud and illegal acts.

Increased accountability is not something that auditors should be concerned about when performing financial audits

problems are resolved, auditors can obtain an understanding of how well the contractor is performing.

Auditors can see how well a contractor is performing.

Auditors can't see how a contractor is performing,

Auditors are expected to comply with these requirements if they apply to the type of work being performed.

If auditors apply to this kind of work, they are expected to comply with certain requirements.

Any person off the street can be an auditor.

Audit reports should state that the audit was made in accordance with generally accepted government auditing standards.

The audit report needs to state if it was within the standards.

The audit reports must all be done by school children.

Auditors need not report information about fraud or an illegal act that is clearly inconsequential.

Auditors do not need to report clear, inconsequential cases of fraud and crime.

Auditors must report even the most minute cases of fraud and crime they find.

Audit committees and auditors together can become good safeguards for investors.

Audit committees and auditors can become good safeguards

Auditors are terrible at safeguarding for investors

Integrity also requires auditors to observe the principles of objectivity and independence.

Auditors have to observe the objectivity.

Auditors cannot observe the objectivity.

Over the longer term the creation of the new Department may also be an opportune time to review the account structure of the Department's component entities.

A Department's component entities may be reviewed when a new Department is created.

A new Department may not be composed of existing component entities.

The independence and objectivity of stock analysts reporting is also a matter of concern.

There is concern about how stock analysts reporting is done.

There is no concern in how stock analysts reporting is done.

Some participants also pointed out that most of the auditing is currently being performed by inexperienced auditors.

Inexperienced auditors are currently doing the bulk of the auditing work.

Auditing work is best done by those who are inexperienced because they bring a fresh perspective.

For audits of financial statements, such information is generally included in the reports on compliance and internal control over financial reporting.

Information included on the reports includes compliance and internal control over financial reporting.

Information regarding compliance are never included in reporting.

The strength of the auditors' conclusions depends on the persuasiveness of the evidence supporting the findings and the soundness of the logic used to formulate the conclusions.

The strength of the auditors' conclusions depends on the persuasiveness of evidence.

The strength of the auditors' conclusions does not depend on the persuasiveness of evidence.

In that respect, participants also discussed the need for auditors to expand their focus on internal control to include controls over performance data in order to better meet the needs of investors for assurances on financial statements and for understanding all business risks.

Auditors and the continued scrutiny of internal controls was a need that the participants touched on.

Participants failed to discuss the need for performance data controls to be included in discussion of internal controls.

For public companies, audited financial statements generally are required to be filed with the SEC within three months of the company's fiscal year-end.

Public companies must file their audited financial statements within 3 months of their fiscal year end.

Public companies don't need to submit audited financial statements.

In addition, the Sarbanes-Oxley Act of 2002 defines a number of audit committee responsibilities for the hiring, compensation, and oversight of auditors.

The Sarbanes-Oxley Act of 2002 brings audit committee responsibilities into light.

The audit committee only has one responsibility defined by the Sarbanes-Oxley Act of 2002.

8.17 When auditors conclude, based on evidence obtained, that significant fraud, illegal acts, or other noncompliance either has occurred or is likely to have occurred, they should include in their audit report the relevant information.

The audit report must include any relevant information pertaining to fraud, illegal acts or any other information on noncompliance.

The audit report often contains details on the number of pets in the person's homes.

Participants commented that there are good solid audits being performed; however, some participants expressed concern that overall, time and fee pressures both from company management and from within the auditing firms have resulted in less and less auditing, particularly less substantive testing of transactions.

Participants commented that there are good solid audits being performed.

The participants made no comments about the audits being performed.

They are not required to include in the audit documentation copies of documents they examined, nor are they required to list detailed information from those documents.

They are not required to include source documents for the audit.

They are required to include copies in the audit.

The accounting profession needs to vigorously work to rebuild its greatest asset-public trust-in order to restore faith in the integrity and objectivity of the profession.

Accountants need to work to rehabilitate their industry's credibility.

The accounting profession currently enjoys the esteem and respect among the public.

Audit Organizations' Responsibilities

The responsibilities of the audit organizations.

Federal Finance Organizations Responsibilities

In this regard, Texas A and M University has recently formed a new Center for Continuous Auditing involving a consortium of over 12 leading universities and others to help address these issues.

Texas A and M is part of a consortium of more than twelve universities.

Texas A and M just joined a consortium that has been around for over fifteen years.

A point was also made that the role of the internal auditors, specifically their cooperation and coordination with the external auditors and the board of directors, should be improved, which ultimately could improve the quality of financial reporting and the external audit.

The role of internal auditors needs to be improved.

A point was not made that the role of the internal auditors.

For example, an audit report on an entity's computerized information systems may contain significant findings that could relate to the financial audit if the entity uses such systems to process its accounting information.

An audit report on an entity's computerized information systems, may for example contain significant findings that could relate to the financial audit if the entity uses such systems to process its accounting information.

For example, if accounting information shows up on an entity's computerized information systems audit, it is a mistake in the system.

Another important user of the auditors' report is the entity being audited, which is responsible for acting on the auditors' recommendations.

The entity being audited is a user of the auditor's report.

The entity being audited cannot be a user of the auditor's report.

The participants acknowledged that the financial audit process is largely driven by the accounting profession and suggested that the profession needs to spend more time understanding what the demand side (investors and other users of financial information) needs and wants from auditors.

Finding out what investors want from auditors is something that participants suggested the profession consider.

The accounting profession doesn't do much to drive the process of financial auditing.

2One source of information on best practices of leading companies is the 1999 Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees.

The 1999 Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees is a source of information on best practices.

The 1999 Report and Recommendations of the Blue Ribbon Committee was written in 2012.

These audits examined the accuracy of case statistical reports submitted by six grantees, and the causes of identified deficiencies, rather than validating or testing the accuracy of national or system-wide data.

They examined the statistical reports and their accuracy.

The audits could not determine the accuracy of the reports.

The auditor usually provides in-depth review of the RSI only if there appears to be some problem with the data.

If there is an issue with the data, the auditor provides in-depth review of the RSI.

If there is not an issue with the data, the auditor provides in-depth review of the RSI.

It was recognized that the standard auditor's report could be made more useful to users who are seeking greater information about what the auditor did and found, as well as expanded assurances.

The standard auditor wrote a report that was useful to users.

The users did not find the report useful at all.

It was recognized that confidence in audits needs to be restored not only for investors, but also to attract and retain the best people for the accounting profession over time.

Confidence in audits is important for many reasons.

Confidence in audits is not necessary.

From a more strategic perspective, there is both a need and an opportunity to forge a realignment of interests between the board of directors and auditors in ways that can help to enhance value and manage risk for shareholders and other key stakeholders.

There's an opportunity to forge a realignment of interests.

Board directors and auditors never forge their interests.

By developing this new category, it is anticipated that audit standards will be developed to address the specific items in that category.

If the new category is developed, the audit standards will be tailored to the specific items in the category.

There is a limited capacity for item categories, and it is already maxed.

However, these matters should be brought to the attention of management of the audited entity.

These matters should be made known to the management of the audited entity.

These matters should be kept quiet from the management of the audited entity.

Participants stated that the accounting profession needs to candidly discuss what it is doing to improve the audit process to restore public trust.

It's believed that public trust can be improved by making changes to the audit process.

Participants believed that accountants's collective approach to auditing was sufficient for the public.

The Australian National Audit Office (ANAO) is a specialist public sector entity providing a full range of audit services to Parliament and Commonwealth public sector agencies and statutory bodies.

Several agencies and bodies are served by the Australian National Audit Office.

Parliament is not serviced by the Australian National Audit Office.

Direct and material noncompliance is noncompliance having a direct and material effect on the determination of financial statement amounts or could have a significant effect on other financial data needed to achieve audit objectives.

Noncompliance can affect financial data needed to achieve audit objectives.

Auditing can be done easily without any financial data.

Correct portrayal means describing accurately the audit scope and methodology, and presenting findings and conclusions in a manner consistent with the scope of audit work.

A correct portrayal is accurate and consistent with the scope of the audit.

A correct portrayal of an audit is unnecessary.

Performance audits also may encompass a broad or narrow scope of work and a variety of methodologies; involve a level of analysis, research, or evaluation; generally provide conclusions and recommendations; and result in a report.

After you get a performance audit, you will get a report.

Performance audits are meant to make employees fail.

At the start of every audit, the auditors ask the pertinent business managers what weaknesses exist in their operations and what corrective actions they have deemed necessary and have planned.

Auditors as managers about their operations' weaknesses and what they're doing to remedy the issues.

At the start of every audit, auditors toss all of the paperwork off of employees' desks.

The report should also include all significant instances of fraud, illegal acts, or other noncompliance3 and all significant instances of abuse that were found during or in connection with the audit and any significant weaknesses in internal control found during the audit, and where applicable, auditors' conclusions.

Significant abuses should be included in the report.

Instances of fraud should be omitted from the report.

Some ways of detecting and preventing bias, such as the audit trail, have been well developed.

There are successful techniques for preventing financial bias.

There are no ways to prevent or detect bias.

For audits of financial statements, such information is generally included in the reports on compliance with laws and regulations and internal control over financial reporting.

Audits of financial statements are often included in reports of compliance of regulations.

Audits of financial statements are not generally included in the reports on compliance with laws and regulations.

GAGAS require auditors to report fraud or illegal acts directly to parties outside the audited entity in two circumstances, as discussed below.

There is a discussion on GAGAS' requirements for auditing reports.

GAGAS is not involved in auditing work.

Specifically, under the GAO's new independence standards auditors must not violate two basic principles.

Auditors are not allowed to violate two basic principles.

The new independence standards allow auditors to violate two basic principles.

Considering the Results of Previous Audits and Attestation Engagements

The results of previous audits were considered.

No audit results are included.

The field work standard related to planning for performance audits conducted in accordance with GAGAS

The field work standard is related to planning for performance audits.

The field work standard is not related to planning for performance audits.

Monitoring the activities used by an organization to address improper payments should be performed continually and should be ingrained in the entity's operations.

Improper payments should be monitored continually.

The system does not require oversight.

practices by considering the scope of various types of audits and

There are various types of audits.

There is only one type of audit.

Because the state routinely receives an unqualified opinion on its CAFR, the State Auditor's Office and agency internal auditors no longer spend the bulk of their time on control issues related to external financial reporting.

Agency internal auditors have less of their workload being spent on control issues in relation to financial reporting.

The state's refusal to seek unqualified opinions on its CAFR has internal auditors spending most of their time dealing with external financial reporting-related control issues.

New Zealand requires entities from which the government purchases a significant quantity of goods and services to include audited statements of objectives and statements of service performance with their financial statements.

New Zealand requires auditing statements whenever the government buys a large amount of items from an entity.

There are no auditing or performance requirements for anything the government of New Zealand buys.

One group of users of the auditors' report is government officials who may have authorized or requested the audit.

Government officials, who may have authorized or requested the audit, are one group of users at the audiors' report.

The only group of users of the auditors' report are the rural farmers.

auditor may recommend a greater role for users if they are not involved in approving alternatives or validating system requirements.

auditor may recommend a greater role for users if they are not involved in approving alternatives

auditor may recommend a greater role for users if they are involved in approving alternatives

By subjecting all state agencies to the rigorous discipline of preparing financial reports and having them audited, the Comptroller increased accountability for data accuracy beyond that required to receive an unqualified audit opinion.

By subjecting state agencies to the discipline of preparing finance reports and having them audited, the comptroller increased data accuracy and accountability.

By not subjecting state agencies to the discipline of preparing finance reports and having them audited, the comptroller increased data accuracy and accountability.

The accounting firms do remove bad auditors, but this is accomplished without publicity so that their efforts are not well known.

Accounting firms do not publicize the removal of bad auditors.

Bad auditors are not removed from accounting firms.

In planning tests of compliance with significant laws, regulations, and other compliance requirements, auditors should assess the risk that noncompliance could occur.

Auditors should assess the risk of noncompliance when planning tests of compliance.

Auditors should not consider the risk of noncompliance when planning tests of compliance.

Auditors should become familiar with the standard format for an RFP.

Understanding of the format for an RFP is required of a good auditor.

RFP is no longer used in auditing and does not need to be learned.

The field work standards for performance audits relate to planning the audit, supervising staff, obtaining sufficient, competent, and relevant evidence, and preparing audit documentation.

The field work standards for audits are related to the planning stage.

The field work standards for audits are not related to the planning stage.

Economy and efficiency audit objectives concern whether an entity is acquiring, protecting, and using its resources in the most productive manner to achieve program objectives.

Audit objectives help you achieve program goals.

Audit objectives don't do anything to help you achieve goals.

The presentation of the financial audit chapters proposes eliminating the term financial related audits by specifically recognizing the services in addition to financial statement audits that are covered by the AICPA's Statements on Auditing Standards in chapters 4 and 5 or by the Statement on Standards for Attestation Engagements in chapter 6. The term financial related audits was the source of considerable confusion to the users of GAGAS.

The financial audit chapter proposes removing the term "financial related audits".

The financial audit chapter proposes keeping the term financial related audits.

Since then, audit reports have continued to identify widespread information security weaknesses that place critical federal operations and assets at risk.

Audit reports continually show security weaknesses that endanger critical federal operations and pose a risk to assets.

There are never any security weaknesses in regards to federal operations and no assets are under any risk.

Participants agreed that an adversarial relationship between the auditor and management would not be constructive in that the cooperation of management is critical to both an effective and efficient audit.

Cooperation from management is essential to the efficiency of an audit.

Some participants argued in favor of more adversarial relationships between managers and auditors.

Auditors may meet this requirement by listing file numbers, case numbers, or other means of identifying specific documents they examined.

It is possible for auditors to get file numbers for documents.

It is impossible to identify specific documents examined.

Using this guide will help auditors identify critical factors not addressed by management, make a general assessment of any procurement risks, and provide rapid feedback to agency officials so they can take corrective action in a timely and efficient manner.

This guide will help with risk assessment.

Auditors will act solely based on good judgement.

The second reporting standard for performance audits

There are at least two reporting standards for performance audits.

When reporting performance audits, there are no standards to adhere to.

Auditing is not the be all and end all to solve the problems in the business place.

Auditing is not the be all and end all to solve the problems in the business place.

Auditing is the be all and end all to solve the problems in the business place.

Indirect noncompliance is noncompliance having material but indirect effects on financial statements or other financial data needed to achieve audit objectives.

Indirect noncompliance is when noncompliance must have indirect and material effects on financial statements.

Indirect noncompliance has both immaterial and direct effects on financial statements.

In the real world, however, top management has much more influence on and interaction with the outside auditors.

Higher management in the way it's used has more sway on the interplay it has with auditors.

Higher management has no causal relation to the interplay that occurs with it's outside auditors.

Yes, audit committees of the board interact with and recommend which audit firm to retain for approval by the shareholders.

The board's audit committees recommend which audit firm to retain.

The audit committee approves the choice of audit firm.

OSI seeks evidence of wrongdoing either in conjunction with or independently of audits and evaluations.

Audits and evaluations can uncover wrongdoings.

Audits and evaluations have proven to be ineffective in uncovering wrongdoing.

The auditor should also review previous studies or audits of the acquisition project and of the agency's information resources management functions.

Previous studies should be reviewed by the auditor.

The auditor doesn't need to check any previous studies.

To ensure that decisionmakers have useful, relevant, timely, and reliable information, leading finance organizations establish accountability goals that extend well beyond receiving an unqualified audit opinion.

Accountability goals extend much father than just getting an audit.

Accountability goals are just getting an audit.

Auditors should, as applicable, explain the relationship between the population of items sampled and what was audited; identify organizations, geographic locations, and the period covered; report the kinds and sources of evidence; and explain

Auditors need to identify organizations as well as geographic locations and report sources of evidence.

The auditors do not need to gather data from organizations or the population.