Select the key term that relate to single audits from the list that best matches with the following definition.

1. The federal agency that makes the predominant amount of direct funding to the nonfederal entity receiving less than $50 million in federal awards. Cognizant agency

2. A deficiency in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. Significant deficiency

3. An audit prescribed by federal law for state and local governments and not-for-profit organizations that expend more than $750,000 in a fiscal year. Major programs

4. Used by auditors to determine which programs will be audited as part of the single audit. Risk-based approach

5. A monetary item identified by an auditor in an audit finding that generally relates to noncompliance with a law, regulation, or agreement, where the costs are either not supported by adequate documentation or appear unreasonable. Material weakness