To Complete a Single Audit in Conformity with Generally Accepted

question 22

Multiple Choice

To complete a single audit in conformity with generally accepted governmental auditing standards, the auditor should perform all of the following except

• A) Audit the financial statements following generally accepted auditing standards.
• B) Obtain an understanding of the internal controls over major federal financial assistance programs.
• C) Audit the schedule of expenditures of federal awards.
• D) Audit management's discussion and analysis and the statistical section since both include information from the basic financial statements.

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Definitions:

Private Health Insurance

A program in which each member of a large pool of individuals pays a fixed amount to a private company that agrees to pay most of the medical expenses of the pool’s members.

Medical Expenses

Costs incurred by individuals for medical care, including payments for treatments, procedures, medications, or hospital stays.

Medical Costs

Expenses incurred for prevention, diagnosis, treatment, and recovery from physical or mental health conditions.

Out of Pocket

Refers to direct payments made for medical services or other expenses before insurance or reimbursements.