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Chapter 12- Problem 2 A local government received and expended the following federal financial assistance...

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Question

Accounting

Chapter 12- Problem 2

A local government received and expended the following federal financial assistance under several programs during 2018:

Program A $98,000

Program B 210,000

Program C 655,000

Program D 870,000

Program E 1,020,000

Program F 915,000

Program G 1,025,000

Total $4,793,000

Required Steps

  1. Is this government required to have a single audit? Why?
  2. If a single audit is performed on the government, what are its Type A programs?
  3. Assume that the two largest Type A programs that you identified in Part B of this question were audited as major federal financial assistance programs in one of the past two years and that the audits uncovered no findings or questioned costs. Further assume that each of the Type B programs could reasonably be assessed as high-risk programs. Which programs should be audited as major programs? Why?
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