Pittman City was required to have a single audit due to its spending of a large amount of Federal grant funds. The auditor determined that three of the grants would be classified as "High Risk A" and eight would be "Low Risk A". How many "High Risk B" grants will the auditor now select? A 1 B 2 C) 3 D 4
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- An independent CPA is engaged to audit the financial statements of Holland City . The city has a variety of revenue sources including a $350,000 grant from the U.S. Department of Housing and Urban Development. Which of the following audit standards must the CPA use when conducting the audit? The AICPA audit standards. The GAO audit standards. The OMB audit standards. All of the standards listed in the choices.Generally accepted government auditing standards (GAGAS) can apply to a: Group of answer choices 1: All of the above. 2: Attestation engagement. 3: Performance audit. 4: Financial audit.https://portal.laserfiche.com/Portal/DocView.aspx?id=638006&repo=r-49e9e584 1. Who is the CPA firm that audited Jefferson City, Missouri in October 31, 2022?2. The type of audit opinion given Jefferson City, Missouri at October 31, 2022?3. What 3 categories of funds does Jefferson City have?4. Which program in Jefferson City has the largest expenses?5. What is the largest source of revenue in Jefferson City for governmental activities?6. What was the October 31, 2022 net position of the airport fund?7. In the October 31, 2022 Statement of Activities how many years of financial information is presented?8. Does Jefferson City have any discretely presented component units? What are they?9. What entities were excluded from Jefferson Cities financial reports?10. Does Jefferson City include Cash Equivalents with its Cash balance?11. What is the threshold amount for capitalizing an asset for depreciation purposes?12. Over what amount of years are traffic lights depreciated?13. List one…
- 23. Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs? Group of answer choices An audit in accordance with Government Auditing Standards. A single audit. An audit in accordance with generally accepted auditing standards. An operational audit.42. A certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification? Budget officer Chief accountant Head of the agency Requisitioning IndividualMatt Gunlock, CPA, is performing an audit of the City of Ryan in accordance with AICPA generally accepted auditing standards. Required: a. Must Matt be concerned with the city’s compliance with laws and regulations? Explain. b. How should Matt decide on the nature and extent of the tests of compliance that should be performed in the audit?
- 13. When auditing an entity's financial statements in accordance with Government Auditing Standards (the "Yellow Book"), an auditor is required to report on: I. Recommendations for actions to improve operations. II. The scope of the auditor's tests of compliance with laws and regulations. Group of answer choices I only. II only. Both I and II. Neither I nor II.Which of these disclosures is not required by IAS 20? (a) The accounting policy adopted for government grants, including methods of presentation adopted in the financial statements. (b) Unfulfilled conditions and other contingencies attaching to government assistance. (c) The names of the government agencies that gave the grants along with the dates of sanction of the grants by these government agencies and the dates when cash was received in case of monetary grants. (d) The nature and extent of government grants recognized in the financial statements and an indication of other forms of government assistance from which the entity has directly benefited.Choose the correct. Which of the following is true about the management’s discussion and analysis (MD&A)?a. It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion.b. It adds a verbal explanation for the numbers and trends presented in the financial statements.c. It appears at the very end of a government’s comprehensive annual financial report.d. It replaces a portion of the fund financial statements traditionally presented by a state or local government.
- The Office of the Auditor General is mandated to conduct audits of all public institutions inJamaica. It has been observed that the same observations and recommendations weremade in the last five years in the Auditor General’s Reports concerning increased misuseand misapplication of public funds.The Ministry responsible for local government has decided to engage a consultants firmto review the transparency and accountability of the public funds by the council.The lead consultant in your firm has asked you to conduct this review. The following werefound during your review:• The main source of funds for the Council are the grants received from the centralgovernment and levies from local businesses operating in the parish.• The Council maintains financial records and prepares financial statements annuallywhich are subject to audit by the Office of the Auditor General.• The Council received a grant of US$20 million for the construction of ten communitycenters, one each in the ten…Which of the following is true about the management’s discussion and analysis (MD&A)? It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion. It adds a verbal explanation for the numbers and trends presented in the financial statements. It appears at the very end of a government’s comprehensive annual financial report. It replaces a portion of the fund financial statements traditionally presented by a state or local government.jo4tp18r.08.031 Which of the following must the comptroller of public accounts do for the legislative budgeting and appropriations process? O a. Propose the state's budget Ob. Act as the chief elections administrator Oc. Act as the auditor for each county in addition to the state Od. Certify the approximate biennial revenue for the state Oe. Support state economic development efforts