In a Single Audit of Federal Financial Assistance Programs,which of the Following

question 66

Multiple Choice

In a single audit of federal financial assistance programs,which of the following does the auditor not need to determine and report for each organization?

• A)An expanded scope audit of economy,efficiency,and program results.
• B)That the financial statements are presented fairly in accordance with GAAP.
• C)That an adequate internal control system is in place.
• D)That the laws and regulations have been complied with.

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Definitions:

Internal Rate

The Internal Rate of Return (IRR), a measure used to evaluate the profitability of potential investments.

Internal Rate

Often referred to as the Internal Rate of Return (IRR), it is the interest rate at which the net present value of all the cash flows (both positive and negative) from a project or investment equal zero.

Payback Method

A simplistic financial analysis tool used to determine the time required for the earnings from an investment to repay the initial investment cost.

NPV Profile

A graphical representation showing the relationship between the net present value (NPV) of a project and various discount rates, helping to analyze the investment's sensitivity to changes in cost of capital.