Which of the following statements concerning the Single Audit Act of 1984 (with 1996 amendments) is correct?
A) Only those entities receiving over $750,000 a year in federal financial assistance are required to have a single audit.
B) Those entities expending under $750,000 a year in federal awards may be exempt from single audit requirements.
C) The Single Audit Act only applies if an entity has high risk programs.
D) The single audit is optional for all entities receiving federal awards.

Question

Quizplus · Accepted Answer

The Single Audit Act of 1984 (with 1996 amendments) requires a single audit for entities expending $750,000 or more in federal awards. Entities expending under $750,000 a year in federal awards may be exempt from single audit requirements, but are still subject to other audit requirements. Therefore, statement B is the correct choice. Statements A, C and D are incorrect.

Which of the Following Statements Concerning the Single Audit Act