Under the Single Audit Act, the Required Report on Compliance

question 35

Multiple Choice

Under the Single Audit Act, the required report on compliance and on internal control over financial reporting

• A) Is based on the audit requirements of the GAO's Government Auditing Standards.
• B) Need not be issued if the auditors do not identify internal control deficiencies or instances of noncompliance.
• C) Must be countersigned by the inspector general of the cognizant agency.
• D) Should describe the scope of the auditors' testing.

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Definitions:

College Football

A form of American football played by teams of student athletes fielded by American universities, colleges, and military academies.

Academic Mission

An educational initiative or goal pursued by institutions or individuals focusing on scholarly activities and learning.

Yale

An elite Ivy League university located in New Haven, Connecticut, known for its rich history, academic excellence, and influential alumni.

Profitable

Generating a financial gain or benefit, exceeding the cost of operation.