Audit

Question 1

GAGAS

Answer 1

Generally Accepted Government Auditing Standards

Question 2

The Yellow Book

Answer 2

Source of GAGAS

Question 3

The main circular of interest to auditors and NFPs receiving federal funds is_____________

Answer 3

Circular A-133

Question 4

Dollar value threshold for financial statement audit under Uniform Guidance standards.

Answer 4

$750,000.00

Question 5

Two main components of Single Audit

Answer 5

1) Audit conducted under GAGAS; 2) Compliance Audit of federal financial awards/major programs

Question 6

SEFA

Answer 6

Schedule of Expenditures of Federal Awards

Question 7

CPE requirements for GAGAS auditor

Answer 7

80 hours of CPE every two years; complete at lease 20 hours in each of two years; 25 hours must be Yellow Book related

Question 8

Info Included in SEFA

Answer 8

CFDA (Catalog of Federal Domestic Assistance); Federal Awarding Agency & pass-through entity; Amount Awarded

Question 9

Type A Threshold $25 Million - $100 million

Answer 9

Total federal awards times .03

Question 10

Type A Threshold $100 Million - $1 Billion

Answer 10

$3 Million

Question 11

Type A Threshold $1 Billion - $10 Billion

Answer 11

Total federal awards times .003

Question 12

Type A Threshold $10 Billion - $20 Billion

Answer 12

$30 Million

Question 13

Type A Threshold $20 Billion +

Answer 13

Total federal awards expended times .0015