Which of the Following Is True Regarding the Single Audit

question 55

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 of the above.
• D) Neither of the above.

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Definitions:

Checking Accounts

Bank accounts that allow the owner to make deposits, write checks, and withdraw funds with ease, typically used for daily transactions.

Liquid Investment Assets

Assets that can be quickly converted into cash with minimal impact on their price, such as stocks and bonds.

Internal Controls

Processes and procedures implemented to assure integrity and accuracy of financial and operational information, prevent fraud, and protect the assets of the organization.

Certification

The process of officially recognizing someone or something as having met certain standards through the issuance of a document or label.