21.Assuming an auditee is considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 25 percent of federal funds expended by the auditee.
22.Assuming an auditee is
not
considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 50 percent of federal funds expended by the auditee.
23.Assuming an auditee is
not
considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 90 percent of federal funds expended by the auditee.
24.Governmental Audit Reports are due five months after the end of the fiscal year.
25.A disclaimer of opinion is the appropriate audit opinion when the auditor is not independent.
26.In a disclaimer of opinion, the auditor states that no opinion is being expressed.
Tax-Exempt Organizations
27.The classification of Net Assets for tax-exempt organizations are consistent with FASB standards for not-for-profit organizations.
28.The Taxpayer Bill of Rights requires tax-exempt organizations to provide copies, upon request, of the three most recent annual form 990s.
29.Churches must file a Form 990.
30.Beginning in 2012, entities that are tax-exempt under IRS Section 501(c)(3) with gross receipts less than $75,000 may file Form 990-N (electronic postcard).