Which of the following is not true regarding the Single Audit Act and its amendments?
A) Governments and not-for-profit organizations that exceed $50 million in federal awards are normally assigned a cognizant agency to provide guidance.
B) Smaller governments report to oversight agencies, typically the agency providing more funding than any other agency.
C) The auditor is not required to test internal controls to gain an understanding of internal controls for use in selecting programs for audit.
D) All of the above are true.

Question

Quizplus · Accepted Answer

The statement "The auditor is not required to test internal controls to gain an understanding of internal controls for use in selecting programs for audit" is not true. The auditor is required to gain an understanding of the recipient's internal controls and perform tests of controls to support the determination of the major programs to be audited.

Which of the Following Is Not True Regarding the Single