Select the best answer.
1. Government Auditing Standards must be adhered to in all financial audits of
a. State and local governments
b. Federal agencies
c. Federally chartered banks
d. All of the above
2. “Generally accepted government auditing standards” (GAGAS) refers to standards incorporated in
a. The Yellow Book
b. The Yellow Book and OMB Circular A-133
c. The Yellow Book and the AICPA’s Professional Standards
d. The Yellow Book, OMB Circular A-133, and the AICPA’s Professional Standards
3. Government Auditing Standards characterizes government engagements into which of the following three categories?
a. Financial audits, compliance audits, and performance audits.
b. Financial audits, operational audits, and performance audits.
c. Financial audits, attest engagements, and performance audits.
d. Financial audits, efficiency and effectiveness audits, and compliance audits
4. The Yellow Book’s general standards apply
a. Only to financial audits
b. Only to financial audits and other attest engagements
c. To performance engagements as well as to the two types of engagements indicated earlier.
d. To all professional engagements relating to accounting
