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Question 25        4 pts Which of the following statements BEST represents governmental auditing? governmental audits are...

Question 25        4 pts

Which of the following statements BEST represents governmental auditing?

governmental audits are primarily compliance audits

governmental audits are primarily private type audits

governmental audits are required of all not GAAP entities

governmental audits seldom uses procedures that involve statistical auditing

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Answer #1

Statement 1 is correct i.e governmental audits are primarily compliance audits.

governmental audits include compliance audits performed under the single audit act amendment of 1996 and the office of management and budget Title 2 US code of federal regulations part 200 and other compliance audits and attestation engagements performed as required by federal, state or local laws and regulations.

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