A local government received and expended the following federal financial assistance under several programs during 20X4: Program
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Question:
A local government received and expended the following federal financial assistance under several programs during 20X4:
Program A $100,000
Program B 200,000
Program C 650,000
Program D 875,000
Program E 1,025,000
Program F 900,000
Program G 1,000,000
Total $4,750,000
Requirements:
- Is this government required to have a single audit? Why?
- If a single audit is performed on the government, what are its Type A programs?
- Assume that the two largest Type A programs that you identified in Part B of this question were audited as major federal financial assistance programs in one of the past two years and that the audits uncovered no findings or questioned costs. Further assume that each of the Type B programs could reasonably be assessed as high-risk programs. Which programs should be audited as major programs? Why?
Expert Answer:
local governments spent 32 trillion on direct general government expenditures in fiscal year 20181 S... View the full answer
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