Kent Is Auditing an Entity's Compliance with Requirements Governing a Major

question 18

Multiple Choice

Kent is auditing an entity's compliance with requirements governing a major federal financial assistance program in accordance with the Single Audit Act.Kent detected noncompliance with requirements that have a material effect on that program.Kent's report on compliance should express a(an) :

• A)Unqualified opinion with a separate explanatory paragraph.
• B)Qualified opinion or an adverse opinion.
• C)Adverse opinion or a disclaimer of opinion.
• D)Limited assurance on the items tested.

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Definitions:

Economic Security

The state of possessing a consistent income or other means to maintain a current lifestyle and anticipate similar stability moving forward.

Federal Government

The national government of a federal country, where powers are divided between the central authority and constituent political units, such as states or provinces.

Share Our Wealth

A program proposed by Senator Huey Long during the Great Depression that aimed to redistribute wealth in the United States.

Confiscate Wealth

The act of a government or authority legally taking private property, often for public use or as a penalty for legal violations.