Assuming an Auditee Is Not Considered Low-Risk, the Auditor Is

question 145

True/False

Assuming an auditee is not considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 90 percent of federal funds expended by the auditee.

---

Definitions:

Trading Costs

Expenses associated with buying and selling securities, including commissions, spreads, and fees.

Open-end

A type of mutual fund that does not have a fixed number of shares and can issue new shares or redeem existing shares at any time based on investor demand.

Net Asset Value

The per-share value of a mutual fund or exchange-traded fund, calculated by dividing the total value of all securities in the portfolio by the number of shares outstanding.

Net Asset Value

Net Asset Value (NAV) is the per-share value of a mutual fund or ETF, calculated by dividing the total value of all the assets in the portfolio, minus liabilities, by the number of shares outstanding.