Part 3 of the Circular 133 Compliance Supplement Identifies Four

question 56

True/False

Part 3 of the Circular 133 Compliance Supplement identifies four types of compliance requirements and the related audit objectives for every audit conducted under Circular A-133.

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Definitions:

Physical Nature

The intrinsic physical characteristics and properties of an object or person.

Specific Performance

A legal remedy in which a court orders the party at fault to fulfill their obligations under a contract, rather than providing monetary compensation.

Substitute Goods

Products or services that can be used in place of each other; availability of one affects the demand for another.

Uniform Commercial Code

A full array of legal rules managing all trade interactions in the United States.