Which of the Following Types of Audits Is Designed to Determine

question 23

Multiple Choice

Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs?

• A)An audit in accordance with Government Auditing Standards.
• B)A single audit.
• C)An audit in accordance with generally accepted auditing standards.
• D)An operational audit.

---

Definitions:

Maturity Date

The specific date on which the principal amount of a financial instrument is to be paid back in full.

Bond Ratings

Evaluations of the credit quality and risk of default of a bond, issued by rating agencies, influencing interest rates and investor demand.

Financial Obligation

A legal responsibility to settle a debt or pay for a service or product that has been received.

Registered Securities

Securities with which the issuer or a transfer agent keeps a list of the names of owners. Dividends or interest payments are made to owners of record as of specified dates.