accounting questions

Project Description:


can you please answer these in a short answer like always?

dq #1

in what significant way do financial audits in government and nonprofit organizations differ from those carried on in business?

dq #2

the state auditor of missouri is an elected official. in auditing the financial statements of the university of missouri, what special problems relating to independence would he or she face that a private cpa firm would not? by conducting the audit, would he or she be in violation of the gao standards? explain, indicating how the gao standards deal with the apparent conflict of interest faced by state and local government audit departments.

dq #3

in what significant ways do performance audits differ from financial audits? what are the general criteria that audit organizations use in selecting programs and activities for performance audits? waht steps might auditors take to discern the objectives of a program or activity?

dq #4

what is the primary role of the treasury department's financial management service? why is fasab named an advisory board? what is the relationship between fasab and the gao, the treasury department, and the omb?

dq #5

why does it matter whether social security is considered a pension plan or an entitlement program? how does fasab direct social security be reported? what unique issue does the federal government face in calculating the actuarial value of its social security obligation that a private corporation would not face in calculating the corresponding obligation of its pension plan?

dq #6

if an agency makes a loan at a below-market rate, what would be the nature of any expense recognized at the time of the loan? if it guaranteed a loan made by others, what would be the nature of any expense recognized at the time of the guarantee?

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