Which of the Following Statements Concerning the Audits of Colleges

question 46

Multiple Choice

Which of the following statements concerning the audits of colleges and universities is ?

• A) Both public and private colleges and universities are subject to the provisions of the single audit if they expend over $750,000 in federal funds in a fiscal year.
• B) The nongovernmental nature of public colleges and universities means they are exempt from the requirements of the single audit, but they are required to have an audit conducted under generally accepted auditing standards.
• C) Public colleges and universities are exempt from the requirements of the single audit, but they are required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.
• D) Both public and private colleges and universities are exempt from the requirements of the single audit, but they are both required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.

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Definitions:

Staffing

The process of finding, recruiting, and training individuals to fill roles within an organization.

Valuable Resources

Assets, both tangible and intangible, that are of significant worth and importance to an individual, organization, or society.

Hiring Minorities

The practice of recruiting and employing individuals from underrepresented groups based on race, ethnicity, or other minority status.

No-layoff Policy

A commitment from an organization not to terminate employment for economic reasons, aiming to provide job security for employees.