PRACTICE PREP QUESTIONS:

29. T/F. Only Comprehensive and Value-for-Money audits are true performance audits.

30. T/F. GAO stands for Government Accounting Office.

31. T/F. GAO is the champion of Value-for-money audit because it belongs to INTOSAI.

33. T/F. Like the private sector, the external audit report is addressed to the citizens whereas private sector addresses the audit report to the shareholders.

34. T/F. Unlike the private sector audit report, the final report of the auditor must contain the names of people who are involved in mismanagement and the recommended views and remedy of management.

35. T/F. For governmental audit, the auditor may be required to prepare as many as five reports.