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Auditing & Assurance Services 7th Edition by Timothy Louwers Test bank

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A.  Economic and efficient use of resources
 
B.  Effective achievement of business objectives
 
C.  Attesting to the fairness of the financial statements
 
D.  Compliance with company policies
 
AACSB: Communication
AICPA: BB Legal
AICPA: FN Reporting
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-06 Describe the audits and auditors in governmental; internal; and operational auditing.
Source: Original
Topic: Other Kinds of Engagements and Information Professionals
 
 
24. In order to be considered as external auditors with respect to government agencies, GAO auditors must be 
 


 
A.  organizationally independent.
 
B.  empowered as the accounting and auditing agency by the U.S. Congress.
 
C.  funded by the federal government.
 
D.  guided by standards similar to GAAS.
 
AACSB: Ethics
AICPA: BB Legal
AICPA: FN Research
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 2 Medium
Learning Objective: 01-06 Describe the audits and auditors in governmental; internal; and operational auditing.
Source: Original
Topic: Other Kinds of Engagements and Information Professionals
 
 
25. Which of the following is the essential purpose of the audit function? 
 


 
A.  Detection of fraud
 
B.  Examination of individual transactions to certify as to their validity
 
C.

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