Question $19$

$0\mathrm{.}5$ p

When conducting a single audit:

All federal grant programs must be audited.

All major programs must be audited.

All programs not identified as low$-$risk must be audited.

At a minimum, all Type A major programs not identified as low$-$risk and certain high$-$risk Type B programs must be considered for audit.

Which of the following is a true statement about the relationship between generally accepted government auditing standards $($GAGAS$)$ and generally accepted auditing standards $($GAAS$)?$

GAGAS encompass GAAS and supplement certain GAAS.

GAGAS and GAAS provide standards for financial audits, attestation engagements, and performance audits.

GAGAS are promulgated by the Government Accountability Office and GAAS are promulgated by the Governmental Accounting Standards Board.

GAAS encompass GAGAS and supplement certain GAGAS.