Which of the Following Is True Regarding the Single Audit

question 59

Multiple Choice

Which of the following is true regarding the Single Audit Act and its amendments?

• A) An auditor is expected to express an opinion on "major programs," which are chosen based on size.
• B) An auditor is required to select all "Type A" programs as major programs.
• C) Both A and B above.
• D) Neither A nor B above.

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Definitions:

Broad Categories

General classifications or groupings used to organize complex information or items into simpler, more manageable segments.

Breaking and Entering

The criminal act of entering a building or residence illegally, with the intent to commit a crime, especially theft.

Fraudulent Taking

An act of taking someone's property illegally, with deceit or trickery.

Personal Property

Property that includes movable items, such as furniture and vehicles, as opposed to real estate or real property.