Which of the Following Must Have an Audit Under GAGAS

question 33

Multiple Choice

Which of the following must have an audit under GAGAS?

• A)A state government that receives more than $500,000 in federal awards during the year.
• B)A local government that receives more than $501,000 in federal awards during two years.
• C)A state government that expends more than $500,000 in federal awards during the year.
• D)A local government that expends more than $501,000 in federal awards during two years.

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Definitions:

Typological Approach

A method in psychology that categorizes individuals into specific types based on particular traits or behaviors.

Positivity

The practice or tendency to maintain a positive attitude, focusing on the good aspects of any situation.

Absolutely

Used to express complete and total agreement or to confirm that something is unquestionably true or correct.

Smart

Possessing intelligence and quickness of understanding, often used to describe someone who is intellectually able or clever.