Although the scope of audits of recipients of federal financial assistance in accordancewith federal audit regulations varies, these audits generally have which of the followingelements in common?(1) The auditor is to determine whether the financial assistance has been administered in accordance with applicable laws and regulations.(2) The materiality levels are lower and are determined by the governmental entitiesthat provided the federal financial assistance to the recipient.(3) The auditor should obtain written management representations that the recipient’sinternal auditors will report their findings objectively and without fear of politicalrepercussions.(4) The auditor is required to express both positive and negative assurance that illegalacts that could have a material effect on the recipient’s financial statements aredisclosed to the inspector general.
Although the scope of audits of recipients of federal financial assistance in accordance
with federal audit regulations varies, these audits generally have which of the following
elements in common?
(1) The auditor is to determine whether the financial assistance has been administered in accordance with applicable laws and regulations.
(2) The materiality levels are lower and are determined by the governmental entities
that provided the federal financial assistance to the recipient.
(3) The auditor should obtain written management representations that the recipient’s
internal auditors will report their findings objectively and without fear of political
repercussions.
(4) The auditor is required to express both positive and negative assurance that illegal
acts that could have a material effect on the recipient’s financial statements are
disclosed to the inspector general.
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