User Account

All Pages

What federal departments are sponsoring the listed programs

Assignment Help Auditing
Reference no: EM13879259

1. A not-for-profit organization has hired you to conduct an audit. The audit has been requested by the organization's board of directors. A mission of the organization is to provide for the education of children in an economically distressed area of the city. In fulfilling its mission, the organization operates a Head Start program, a K-3 elementary school, and an after-school kids program. To help fund its mission, the organization receives funds from several sources, including federal programs. The federal programs and the amount of funding expended from each program for the fiscal year are as follows:

Program Funds Expended

Title I $374,891

National School Lunch Program 32,562

National School Breakfast Program 11,821

Head Start 482,002

TRIO-Student Support Services 261,085

Child and Adult Care Food Program 37,639

Required:

Use the Catalog of Federal Domestic Assistance (CFDA) Web site (www.cfda.gov), OMB Circular A-133 Compliance Supplement (www.whitehouse.gov/OMB/circulars) and what we learned this week to answer the following questions.

a. What federal departments are sponsoring the listed programs?

b. OMB allows "cluster programs" to be considered as a single program when conducting the risk-based approach to selecting programs for audit under the single audit. Of the programs listed, which (if any) are part of the same cluster?

c. Which programs would be considered Type A programs or Type B programs and why?

d. Based on provided information, which programs would you select for audit and why?

e. If the not-for-profit has received an unqualified opinion in each of the last two years and the Head Start program was selected for audit in both years, would the programs you select for audit change? If not, why not? If so, what programs would you select and why?

f. If you found out that a new manager with no previous experience was now in charge of Title I Program, would your answer to part c change? If so how?

g. Reading the objectives of the programs identified, you will notice a common underlying objective. Since the ability to obtain funds depends on meeting this underlying objective, it should be considered a major compliance issue for the auditor. What is the objective? What compliance item is particularly affected by this underlying objective?

Reference no: EM13879259

Questions Cloud

What are the major expenditures categories : What are the major expenditures categories? The city must have compared two or more years' budget. Compare each category (line item) of budget and show the increase or decrease year over year.
Discuss the legal and social framework : Discuss the legal and social framework and What implications/remedies are available and risk of future unethical or immoral practices
Change in accounting principle : 1.During 2011 (its first year of operations) and 2012, Batali Foods used the FIFO inventory costing method for both financial reporting and tax purposes.
Antecedents of target marketing : Antecedents of Target Marketing- As stated in Lamb et al. (2014), to segment a market successfully, a marketer must consider certain criteria
What federal departments are sponsoring the listed programs : What federal departments are sponsoring the listed programs? Which programs would be considered Type A programs or Type B programs and why?
Explains differences between lifo and average cost inventory : Your task is to write a memo to Ms. Johnson that explains the differences between LIFO, FIFO, and Average Cost inventory cost flow assumptions.
Find an expression for the torque : The wye joint in Fig splits the pipe flow into equal amounts Q/2, which exit, as shown, a distance Ro from the axis. Neglect gravity and friction. Find an expression for the torque T about the x axis required to keep the system rotating at angular..
What are advantages and disadvantages to meeting virtually : Compared to face-to-face meetings and virtual video conferencing (like Skype), what are two advantages and two disadvantages to meeting virtually
The following net income amounts in its comparative income : Flay Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes.

Reviews

Write a Review

Auditing Questions & Answers

  It is critical for the investigator to understand the

it is critical for the investigator to understand the possible security risks that computer and network users face

  Advantages of adopting the abc costing system

Calculate the difference between the full unit cost for products X and Y calculated under the traditional costing system and that calculated under the ABC costing system and explain the differences calculated in (c) above for both products.

  Audit and corporate scandals

Given the recent accounting scandals, how much confidence should the public really have in financial audits? mIn light of recent audit failures, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?

  How long this firm has served as the external auditors

Identify the companys independent registered public accounting firm. Determine how long this firm has served as the external auditors and other services,

  What is becky''s bad debt deduction for 2012

the bankruptcy proceedings are closed, and creditors receive 10 percent of the amount due on the debt. What is Becky's bad debt deduction for 2012? For 2013?

  1 the components of teamcentral include which of the

1. the components of teamcentral include which of the following?a. implementation trackingb. management dashboardsc.

  The city of jamestown has agreed to get a new city

the city of jamestown has agreed to get a new city maintenance building under a capital lease agreement. at the

  What are audit and internal control issues

What is the companys industry and what are its primary products - What are the five or six most important factors for success in this business?

  Describe common-size financial statement

Describe a common-size financial statement. Explain how one is prepared. Explain what a common-size financial statement report communicates about a company.

  The cash account of first on alert security systems

the cash account of first on alert security systems reported a balance of 2470 at december 31 2012. there were

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Taking inventory for personal use

Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd