The Schedule of Findings and Questioned Costs Should Include the Following

question 22

Multiple Choice

The Schedule of Findings and Questioned Costs should include the following except

• A) Information on types of opinions expressed on the financial statement.
• B) Information on all weaknesses in internal control.
• C) List of material noncompliance.
• D) Known questioned costs.

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Definitions:

Debt/equity Ratio

A ratio used to determine how much of a company's assets are financed through equity versus debt.

Tax Shield

A deduction from taxable income that results in a reduction of taxes owed, often associated with interest expense, depreciation, or other deductions.

Tax Rate

The portion of income or profits the government takes as tax from a person or company.