Arizona ACT555 GAAS or GAGAS standards

ACT 555 University Arizona Global Campus GAA Principles Questions

OPTION #1: GAAS AND GAGAS STANDARDS

Part A:

For each of the following items, indicate whether the standards are GAAS or GAGAS standards, or both, and why.

Part B:

1. The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
2. The auditor must adequately plan the work and must properly supervise any assistants.
3. Auditors apply certain limited procedures in connection with RSI to provide assurance that it is fairly presented in relation to the basic financial statements.
4. Pertinent information should be communicated to individuals contracting for or requesting an audit.
5. Known findings and recommendations from previous engagements that directly relate to the current audit should be considered in planning.
6. When the financial statement audit report contains an opinion or a disclaimer of opinion, a report on internal control over financial reporting and on compliance with laws, regulations, and provisions of current contracts and grants must be provided as part of the report or as a separate report.
7. The auditor exercises due professional care in the performance of the audit and preparation of the report.
8. When the audit findings involve deficiencies, the elements (criteria, condition, cause and effect) of the findings should be developed.
   1. Discussion at a local meeting of the government finance officers centered on using a balanced scorecard to present information to the public on the government's website. Describe how the components of a balanced scorecard and provide an example of how each component is applicable in a governmental setting.
   2. Under the hierarchy of Generally Accepted Accounting Principles, describe the sources of accounting principles that have the most authority for state and local governments, federal government entities, and non-government entities. Where do accountants and auditors look when a particular item is not covered within the hierarchy?