Cognizant Agencies

question 3

Multiple Choice

Cognizant agencies:

• A) Are responsible for conducting government single audits.
• B) Are assigned to each nonfederal agency expending more than $50 million of federal funds per year.
• C) Are also referred to as oversight agencies.
• D) Are responsible for issuing Government Auditing Standards.

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Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, typically the mean, reflecting the variation of the sampling statistic over different samples.

Mean

The arithmetic average of a set of numbers, obtained by dividing the sum of these numbers by their quantity.

Z-statistic

A statistic used to determine the difference between an observed statistic and its hypothesized population parameter, measured in units of the standard deviation.

Two-tailed Test

A statistical test hypothesis that allows for the possibility of an effect in two directions, either greater than or less than.