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:

Coercion

The act of compelling a party to act in an involuntary manner by use of threats or force.

Contract

A legally binding agreement between two or more parties that outlines obligations, rights, and terms that are enforceable by law.

Material Errors

Significant mistakes or inaccuracies that impact the understanding, operation, or outcome of a document, financial statement, or process.

Construction

The process or art of building something, typically structures like buildings, bridges, and roads.