Purchase Solution

Understanding audit objectives in public entities/government

Not what you're looking for?

Ask Custom Question

Why should persons interested in public administration and persons interested in working as accountants for governmental units have an understanding of audit objectives and standards?

Note: Please cite the sources

Purchase this Solution
Solution Summary

The solution first explains in general why audits and auditable records are vital to funded organization, and secondly provides a list of five specific reasons why accountants working in public administration or funded entities should have a good understanding of audit objectives and standards. There are five links to very good sources for further explanations.

Solution Preview

Individuals who are interested in working in either governmental units or publicly funded organizations including not for profit entities would be wise to have an understanding of audit objectives as well as the procedures involved in reporting for several reasons.

Most entities which receive public money are bound to provide a budget for the expected use of the funds following by a report showing the actual use of funds compared to the budget presented. An audit of the final report is usually required for compliance.

Certain private foundation funds ...

Purchase this Solution
Free BrainMass Quizzes
Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

View More Free Quizzes
Related BrainMass Solutions

  • Introduction to Auditing

    the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports.

  • Governmental Accounting Standards Board

    Its objectives are to improve the government's ability to show its performance to the public, to improve the information available to the public so that they can hold the government responsible, to guide all users of government financial reports and provide

  • Who audit's the federal government?

    The audited statements show the users, including the many stakeholders, the same information as in other entities.

  • The PCAOB has the authority to set audit standards for all a

    What are the pros and cons of having the same audit standards for both public and nonpublic entities? b. In what ways might you expect auditing standards for audits of nonpublic companies to differ from the standards for public companies?

  • Three Types of Accountants

    Public accountants serve the general public with accounting and income tax needs. Public accountants audit companies, prepare income tax returns for individuals and all types of entities, and perform other accounting related services.

  • Major Changes Implemented by the SOX Act of 2002

    AUDITORS: First the act called for the creation of the PCAOB (Public Company Accounting Oversight Board), which in effect is a Government entity that controls public accounting. This is a major change in profession.

  • Statement Of Work Services

    Objective The ABC Company (ABC) will perform a financial audit as required in the State Government Code Section 12345.

  • The GASB, its Structure, and its Mission

    The GASB does not have enforcement authority to require compliance from governmental agencies; however, during the audit process, government entities are required to conform to the GASB standards in preparing their financial statements.

  • Public Administration Audit Critique

    Used Methods in Audit In order to conduct effective audit, GAO used Section 17 of the Federal Deposit Insurance Act. And Government Corporation Control Act.

View More Related Solutions