Question: The A City schedule of expenditures of federal awards is
The A City schedule of expenditures of federal awards is presented in Illustration. If A City is not a low-risk auditee and this is the first year under new auditors, what level of internal control and compliance auditing work should be performed for each of the city’s programs? Justify your response.
Answer to relevant QuestionsDiscuss (a) The similarities in accounting for profit-seeking and G&NP organizations, and (b) The unique aspects of accounting for G&NP organizations designed to help ensure compliance with budgeted spending limits.Different sets of accounting and reporting concepts, principles, and standards have evolved for state and local governments, nonprofit organizations, and business enterprises. Given the differences between and among them, ...Governmental accounting systems are different from business accounting systems. Why?How are the “major” funds of a state or local government determined?Following are the expenditures incurred in 20X5 and 20X6 by Thompson County under each of its federal assistance programs.1. Which of Thompson County’s federal financial assistance programs are Type A federal assistance ...
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