1. Under which set of auditing standards is the auditor required to express an opinion on compliance with laws and regulations applicable to each major program?

a. AICPA standards.

b. GAO standards.

c. OMB standards.

d. All of the above.

2. Under which set of auditing standards is the auditor required to test compliance with laws and regulations that could have a direct and material effect on the financial statements of the entity?

a. AICPA standards.

b. GAO standards.

c. OMB standards.

d. All of the above.

3. What amount of continuing professional education would an auditor, who is not a CPA but who is engaged in the audit of a City that receives significant amounts of federal financial assistance, be required to complete?

a. Twenty-four hours every two years.

b. Forty hours a year.

c. Eighty hours every two years.

d. None because the auditor is not a CPA.

4. What is the auditor’s responsibility for the Schedule of Expenditures of Federal Awards?

a. The auditor has no responsibility for this Schedule.

b. The auditor should report on the Schedule without issuing an opinion.

c. The auditor should express an opinion on the fair presentation of the Schedule.

d. The auditor should express an opinion on the fair presentation of the Schedule in relation to the basic financial statements taken as a whole.

Answer rating: 100% (QA)

1 b GAO standards 2 c OMB standards 3 c Ei... View the full answer