Audit Fundamentals
What is the main type of audits we conduct?
What is Performance?
GAGAS is also known by this nickname
What is the Yellow Book?
Maintaining an attitude of impartiality and intellectual honesty is part of this GAGAS ethical principle?
What is objectivity?
Which type of evidence is more reliable? testimonial or externally generated
What is externally generated?
Reports should be clear, concise, and this
What is objective?
This document outlines the scope, objectives, and timeline of an audit.
What is the audit plan?
The organization that issues GAGAS
What it the GAO?
A risk-based approach helps auditors focus on these
What are the high-risk areas?
Evidence must be sufficient, appropriate, and this
What is relevant
This section of the report outlines what was found
What is the results section?
The process of examining records to ensure compliance with policies.
What is compliance testing?
GAGAS requires auditors to maintain this type of professional behavior?
What is professional skepticism?
According to GAGAS, this ethical principle ensures auditors do not have personal interests that could affect the audit outcome
What is independence?
Audit workpapers must be this, meaning they should clearly demonstrate the work performed and the conclusions reached
What is well organized and clear?
Recommendations should be actionable, realistic, and this
What is practical?
This principle ensures auditors remain unbiased and free from conflicts.
What is independence?
This type of independence is required under GAGAS
What is personal and organizational independence?
This is the likelihood that a material misstatement exists in an assertion, whether due to error or fraud
What is audit risk?
GAGAS requires us to document all significant fieldwork performed, including the purpose, scope and this
What is results?
Follow-up audits assess this
The final product of an audit engagement, shared with the auditee.
What is the audit report?
GAGAS mandates this type of education for auditors
What is Continuing Professional Education?
Unlike financial audits, performance audits focus on assessing this
What is program effectiveness and efficiency?
Sampling is used to test this aspect of controls
What is effectiveness?
When reporting significant deficiencies in internal control, auditors must communicate them to this.
Those charged with governance