3.4 Auditing

Question 1

What are the four waves of the FIAR strategy?

Answer 1

 wave one – appropriations received audits
Wave two – statement of budgetary resources audit, and includes fund balance with treasury
Wave three - mission critical asset existence, and completeness audit
Wave four – full financial statements, audit 

Question 2

What are the phases of a governmental audit

Answer 2

Plan, review, report 

Question 3

What are the GAO standards? 

Answer 3

1. auditor independence
2. auditor professional judgment
3. Auditor competence
4. Quality control and assurance