Under the terms of the Single Audit Act and its amendments, what percentage of major program expenditures must be selected for audit?
A) 100%; or 25% if organization is deemed to be Low Risk Auditee.
B) 100%; or 50% if organization is deemed to be Low Risk Auditee.
C) 50%; or 0% if organization is deemed to be Low Risk Auditee.
D) 50%; or 25% if organization is deemed to be Low Risk Auditee.

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.

Under the Terms of the Single Audit Act and Its