Question
A local government has four federal programs. Expenditures during the year ended June 30, 2020, are below: HHS1; new this year and never audited $
A local government has four federal programs. Expenditures during the year ended June 30, 2020, are below:
HHS1; new this year and never audited $ 880,000
HHS2; audited last year, no major findings 770,000
Department of Transportation 65,000 Department of Agriculture 485,000
Total Expenditure of Federal Funds $2,200,000
A. Does the Single Audit Act standard apply here? Why or why not?
B. What is the Single Audit Act and how does it differ from GAGAS?
C. Which programs would the auditor be required to audit, explain your reasoning and show your computations.
D Which Programs would the auditor be required to audit, assuming that all the programs are low risk, explain your reasoning and show your computations?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Sound Investing, Chapter 5 - Cost Allocation
Authors: Kate Mooney
8th Edition
007171927X, 9780071719278
