You are preparing a presentation for new hires to explain characteristics of GAGAS. The following items are on slides for the presentation.

_____ 1. The auditor should be independent.

_____ 2. The auditor consults the conceptual framework for independence when evaluating the delivery of nonaudit services on engagements.

_____ 3. The auditor issues an audit report.

_____ 4. An engagement letter is created.

_____ 5. The auditor might find waste and abuse.

_____ 6. The auditor is required to complete continuing professional education (CPE).

_____ 7. The auditor identifies questioned costs.

_____ 8. The audit opinion refers to generally accepted accounting standards.

Required

In the space to the left of each item, indicate whether the item is a characteristic of a GAGAS audit only (GO) or both GAAS and GAGAS audits (BO).