Which of the following statements concerning the audits of colleges and universities is True?
A) Both public and private colleges and universities are subject to a single audit if they expend over $750,000 in federal funds in a fiscal year.
B) The nongovernmental nature of public colleges and universities means they are exempt from the requirements of the single audit, but they are required to have an audit conducted under generally accepted auditing standards.
C) Public colleges and universities are exempt from the requirements of the single audit, but they are required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.
D) Both public and private colleges and universities are exempt from the requirements of the single audit, but they are both required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.

Question

Quizplus · Accepted Answer

Both public and private colleges and universities are subject to a single audit if they expend over $750,000 in federal funds in a fiscal year. This is required under the Uniform Guidance of the U.S. Office of Management and Budget. The other options are incorrect because they either state that public colleges and universities are exempt from the single audit (which is false) or that they only need to follow the Uniform Guidance and not undergo an audit (which is also false).

Which of the Following Statements Concerning the Audits of Colleges