Which of the following is true regarding the Single Audit Act and its amendments?
A) A risk-based approach is used.
B) An opinion is required on compliance of all programs.
C) Both A and B above.
D) Neither A nor B above.

Question

Quizplus · Accepted Answer

The auditor is required to express an opinion on compliance for major programs, which generally must add up to 50% of the federal funds expended by the auditee. This percentage is reduced to 25% if the auditee is determined by the auditor to be a low-risk auditee. Major programs are determined on a risk-based approach.

Which of the Following Is True Regarding the Single Audit