Question
Hi I need some help with this questions: Per OMB Circular A-133, the Schedule of Expenditures of Federal Awards: 1.Must be explicitly tested and reported
Hi I need some help with this questions:
Per OMB Circular A-133, the Schedule of Expenditures of Federal Awards:
1.Must be explicitly tested and reported upon by the auditors
2.Should serve to help auditors to determine the scope of their audit work but need not be explicitly tested
3.Must be tested but need be reported upon by the auditors only if the tests reveal material errors
4.Must be explicitly tested and reported upon by the auditors only if the total of federal awards is material relative to total expenditures
Which of the following would not be reported upon in the Schedule of findings and Questioned Costs?
1.Significant deficiencies in internal control
2.Material noncompliance with provisions of laws, regulations, contracts, or grant agreements
3.Material examples of inefficiency and ineffectiveness in carrying out federally funded programs
4.Federally reimbursed expenditures that are not adequately documented
Thank you.
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