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NEW QUESTION: 1
The scope of audits of recipients of federal financial assistance in accordance with federal audit
regulations varies. Which of the following elements do these audits have in common?
A. The auditor is required to document an understanding of internal control established to ensure
compliance with the applicable laws and regulations.
B. The materiality levels are higher and are determined by the government entities that provide the federal
financial assistance to the recipients.
C. The accounts should be 100% verified by substantive tests because certain statistical sampling
applications are not permitted.
D. The auditor is required to disclose all situations and transactions that could be indicative of fraud,
abuse, and illegal acts to the federal inspector general.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
Choice "C" is correct. Auditors engaged to perform audits of federal financial assistance (generally under
the provisions of the Single Audit Act) must perform procedures to obtain an understanding of internal
control pertaining to compliance, and should document this understanding of internal control.
Choice "A" is incorrect. The auditor is required to disclose actual instances of fraud and illegal acts, not all
situations that could be indicative of fraud, abuse, or illegal acts.
Choice "B" is incorrect. Materiality levels of organizations receiving federal financial assistance are set by
the auditor, not the government. Materiality levels depend upon auditor judgment and will not fall or rise
purely as a result of federal participation.
Choice "D" is incorrect. Statistical sampling applications are permitted, and 100% verification of accounts
is not required.
NEW QUESTION: 2
Which step is necessary to automate the process of creating work orders for PMs?
A. Enable the Forecast action
B. Set the PM status to APPP
C. Activate PMwoGencrontask
D. Update the Autogen property
Answer: C
NEW QUESTION: 3
For each ledger entry table, you have the following table search code segment in the FindRecords function on the Navigate page:
You need to replace the IF XXX THEN BEGIN statement to ensure that the IF ... THEN construct functions as intended.
Which statement should you use?
A. LedgerEntryTable.READPERMISSION
B. LedgerEntryTable.FINDFIRST
C. LedgerEntryTable.FINDLAST
D. NOT LedgerEntryTable.ISEMPTY
Answer: A