although the scope of audits of recipients of federal financial assistance in accord 602471

Although the scope of audits of recipients of federal financial assistance in accordance with federal audit regulations varies, these audits generally have which of the following elements in common?

1. The auditor is to determine whether the federal financial assistance has been administered in accordance with applicable laws and regulations.
2. The materiality levels are lower and are determined by the government entities that provided the federal financial assistance to the recipient.
3. The auditor should obtain written management representations that the recipient’s internal auditors will report their findings objectively without fear of political repercussion.
4. The auditor is required to express both positive and negative assurance that illegal acts that could have a material effect on the recipient’s financial statements are disclosed to the inspector general.