P20-4 (Major Program Determination) A government receives and expends funds under several federal programs during 20X7. The programs and amounts expended follow: Program A Program B Program C Program D Program E Program F Program G Program H Program I Program J $ 190,000 $ 800,000 $1,000,000 $ 250,000 $ 180,000 $ 775,000 $ 220,000 $150,000 24 30,000 $ 400,000 Programs CandJ have been audited as major programs (with no audit findings) in the past 2 years. Which programs would you treat as major programs in a single audit for 20X7 if the government is not a low-risk auditee? Document the basis for your decision, including any risk assessments that you would conduct. (Indicate programs that you have assessed as high risk-that is, assume that some are high risk and indicate them.)

P20-4 (Major Program Determination) A government receives and expends funds under several federal programs during 20X7. The programs and amounts expended follow: Program A Program B Program C Program D Program E Program F Program G Program H Program I Program J $ 190,000 $ 800,000 $1,000,000 $ 250,000 $ 180,000 $ 775,000 $ 220,000 $150,000 24 30,000 $ 400,000 Programs CandJ have been audited as major programs (with no audit findings) in the past 2 years. Which programs would you treat as major programs in a single audit for 20X7 if the government is not a low-risk auditee? Document the basis for your decision, including any risk assessments that you would conduct. (Indicate programs that you have assessed as high risk-that is, assume that some are high risk and indicate them.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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