Question $4(10$ points$)$

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Per the GAO standards, auditors$$

Question $4$ options:

Are responsible for detecting noncompliance with the terms of contracts or grant agreements only insofar as such noncompliance will have a material impact on the financial statements$$

Must design their audit so that $"$ its is more likely than not" they will detect noncompliance with terms of contracts or grant agreements

Must design their audit to provide reasonable assurance of detecting noncompliance with the terms of contracts or grant agreements

Are not responsible for detecting noncompliance with the terms of contracts or grant agreements but must report such noncompliance if they become ware of it

Question $5(10$ points$)$

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The main components of a Single Audit is or are:

Question $5$ options:

An audit of federal financial awards

An audit of the financial statements conducted under FASAB$$

An audit of the financial statements conducted under GAGAS

An audit of Federal Financial Awards

An audit of the financial statements conducted under GAGAS

Question $6(10$ points$)$

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The Single Audit Act requires that in their audits of federal financial awards, the auditors take a$$

Question $6$ options:

Green Book Approach

Risk$-$based approach

Evidence Approach

Risk $-$ Adverse$$ Approach

Question $7(10$ points$)$

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Making unnecessarily expensive travel arrangements might be considered an example of$$

Question $7$ options:

Waste

Violation of Law

Abuse

Waste and Abuse