Question
Question 1
A single audit is required of:
A federal or nonfederal entity that receives more than $500,000 in a year.
A nonfederal entity that received more than $100,000 in a year.
Nonfederal entities that expend $500,000 or more in federal awards in a year.
Any entity that receives more that $500,000 in federal financial assistance in a year
Question 2
During a review of the financial statements of a nonpublic entity, the CPA finds that the financial statements contain a material departure from generally accepted accounting principles. If management refuses to correct the financial statement presentations, the CPA should
Disclose the departure in a separate paragraph of the report
Issue an adverse opinion
Attach a footnote explaining the effects of the departure
Issue a compilation report
Question 3
A CPA auditing an electric utility wishes to determine whether all customers are being billed. The CPA's best direction of test is from t