A CPA Has Conducted an Audit of the Financial Statements

question 29

Multiple Choice

A CPA has conducted an audit of the financial statements of an entity that received federal financial assistance and had one program that qualified as a major program. The CPA's responsibility related to reporting on compliance for this entity is to

• A) Issue a report on compliance related to the entity.
• B) Issue an opinion on compliance related to the entity.
• C) Issue a report on compliance related to the entity and a report on compliance related to the federal program(s).
• D) Issue a report on compliance related to the entity and an opinion on compliance related to the federal program(s).

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Definitions:

Guidelines

A set of recommendations or rules designed to direct behavior or the process of an activity.

First Amendment Rights

The rights guaranteed by the First Amendment to the U.S. Constitution, including freedoms of speech, press, assembly, and religion.

Online Threats

Potential dangers or risks encountered in the digital environment, including malware, phishing, and cyber attacks.

Deadly Sins

Traditionally refers to seven major vices in Christian theology that can lead to spiritual downfall.