Recommended textbooks for you Show
FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education You are hereSite Visit A Site Visit is an evaluation of institutions’ programs and financial
operations for the purpose of assessing effectiveness and efficiencies in meeting goals and objectives. Typically referred to as “not an audit” this type of review is conducted at the institution and involves review of written policies and procedures, visual documentation and faculty and staff interviews. Site visits may last several days and include observing facilities, interacting with employees and scrutinizing documents. The results are an assessment in the form of a written report to
senior management. Desk Review Desk Review is an evaluation of a program or business operations in which written documentation is submitted, reviewed and analyzed for accuracy and completeness at reviewers’ site. Single Audit (OMB A-133) Single Audit (also known as OMB A-133) is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of Federal assistance in the form of federal
awards, i.e. grants, cooperative agreements, subawards received for its operations. Usually performed annually, the Single Audit’s objective is to provide assurance to the Federal Government as to the management and use of federal funds by recipients such as states, cities, universities, and non-profit organizations. The audit is typically performed by an independent certified public accounting firm and encompasses both financial and compliance components. The Single Audit must
be submitted to the Federal Audit Clearinghouse (FAC) along with a data collection form. Legislative Audit Legislative Audit is an independent objective audits of state agencies and programs to ensure fiscal soundness and compliance with applicable state regulations. Inspector General (OIG) Audit Office of Inspector General (OIG) Audit is a federal OIG’s conducts independent audits and investigations on behalf of
Congress and executive branch of government. Each agency is governed by an OIG Internal Audit Internal Audit is an audit conducted by employees within an organization to analyze its business operations to disclosure weaknesses and assess risk for noncompliance with applicable laws and regulations. Sponsor Audit (also known as Agency Specific Audit) Sponsor Audit (also known as Agency Specific Audit) is an examination to ensure compliance with sponsor guidelines and award terms. Financial Statement and Other Related Financial Audits Financial Statement audits provide an independent assessment of and reasonable assurance about whether the Department's reported financial condition, results and use of resources are presented fairly in accordance with recognized accounting criteria. Reporting on financial audits performed in accordance with GAGAS(I.) also includes reports on internal control, compliance with laws and regulations, and provisions of contracts and grant agreements relating to financial transactions, systems and processes. Chapter 12 provides guidance for conducting and reporting on financial audits. Financial Statement audits performed under GAGAS include financial statement audits and other related financial audits. The primary purpose of a financial statement audit is to provide reasonable assurance through an opinion (or disclaim an opinion) about whether an entity's financial statements are presented fairly in all material respects in conformity with GAAP(II.) or with a comprehensive basis of accounting other than GAAP.
ConnectDivision of Research Email vpr AT umd.edu Did You KnowUMD is the only major public research university inside the Washington, DC beltway What branch of accounting is review whether the financial statements are presented fairly and in compliance with accounting standards?01 An independent auditor's report contains an opinion as to whether the financial statements present fairly, in all material respects, an entity's financial position, results of operations, and cash flows in conformity with generally accepted accounting principles.
Who is responsible for compliance with accounting standards?Responsibility for enforcement and shaping of generally accepted accounting principles (GAAP) falls to two organizations: The Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC).
Which branch of accounting has unbiased evaluation of the financial statements to determine whether or not a company's financial statement is presented truthfully?AUDITING It is an unbiased examination and evaluation of the financial statements of an organization. Includes steps to determine whether or not a company's financial statements are presented truthfully.
What branch of accounting is validation of financial statements?Auditing accounting is an objective examination and evaluation of a company's financial statements done internally or by a government entity, such as the Internal Revenue Service. There are three types of audits: Internal audit: These are used as managerial tools to improve processes and internal control.
|