A CPA Has Conducted an Audit of the Financial Statements

question 46

Multiple Choice

A CPA has conducted an audit of the financial statements of an entity that received federal financial assistance. The CPA identified one major federal program and four nonmajor federal programs. The CPA's responsibility related to the Schedule of Expenditures of Federal Awards is to:

• A) Express an opinion as to whether the Schedule is fairly presented.
• B) Express an opinion as to whether the Schedule is fairly presented in relation to the financial statements taken as a whole.
• C) Express negative assurance on the Schedule.
• D) The CPA has no responsibility with regard to the Schedule.

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Definitions:

Holocaust Survivors

Individuals who managed to survive the Holocaust, the genocide of six million Jews and others by the Nazis during World War II.

Nazis

Members of the National Socialist German Workers' Party, a political group led by Adolf Hitler that ruled Germany from 1933 to 1945 and committed numerous atrocities during World War II.

Victimization

The process of being made a victim, especially in the context of crime, abuse, or exploitation.

Transformation

Transformation denotes a thorough or dramatic change in form, appearance, or character.