Single Audit Quality. In this chapter, information was provided on the report of the National Single Audit Sampling project. The project was the outgrowth of concern over the quality of single audits. Based on the projectâs results, it would appear that there is reason for concern over the quality of audits, given that 35.5 percent of the audits were considered unacceptable. The most commonly cited problems were:
1. Failure to document an understanding of internal controls over compliance requirements.
2. Failure to document testing of internal controls on at least some compliance requirements.
3. Failure to document compliance testing on at least some compliance requirements.
Required
a. Discuss factors you believe may be contributing to the problems related to single audit quality.
b. The project report recommends that all affected parties be involved in the solution. Discuss how you think each of the following three parties could help improve single audit quality.
(1) The Office of Management and Budget (OMB).
(2) The auditee.
(3) The audit profession.
1. Failure to document an understanding of internal controls over compliance requirements.
2. Failure to document testing of internal controls on at least some compliance requirements.
3. Failure to document compliance testing on at least some compliance requirements.
Required
a. Discuss factors you believe may be contributing to the problems related to single audit quality.
b. The project report recommends that all affected parties be involved in the solution. Discuss how you think each of the following three parties could help improve single audit quality.
(1) The Office of Management and Budget (OMB).
(2) The auditee.
(3) The audit profession.
ScholarMatic: Explanation & Answer
Your ready answer from a verified tutor is just a click away for as little as $14.99
Click Order Now to get 100% Original Answer Customized to your instructions!
