CGFM Exam 3 questions with correct answers

Audit definition CORRECT ANSWER an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning CORRECT ANSWER use "material" in the context of whether reasonable people would consider that an omission or misstatement would have changed their opinions regarding the auditor's conclusions. Which Agency issued the Generally Accepted Auditing Standards? CORRECT ANSWER AICPA - The American Institute of Certified Public Accountants Govt Auditing Standards (GAS) are also referred to as? CORRECT ANSWER 1) GAGAS - Generally Accepted Government Auditing Standard 2) Yellow Book Under GAGAS an audit organization that provides non-audit services: CORRECT ANSWER You may not cite GAGAS in a report that is not the result of either an audit or an attestation engagement. 3 types of attestation engagements CORRECT ANSWER 1) examination 2) review 3) agreed upon procedures Examination CORRECT ANSWER Auditors obtain sufficient, appropriate evidence to express an opinion on whether the subject matter is based on (or in conformity with) the criteria in all material respects or the assertion is presented (or fairly stated), in all material respects, based on the criteria. Review CORRECT ANSWER Auditors perform sufficient testing to express a conclusion about whether any information came to their attention on the basis of the work performed that indicates the subject matter is not based on