Which of the following is true regarding the Single Audit Act and its amendments?
A) All governmental entities with expenditures of federal funds in excess of $500,000 must have a single audit, if more than one program exists.
B) An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk.
C) Both A and B above.
D) Neither A nor B above.

Question

Quizplus · Accepted Answer

The Answer of Which of the following is true regarding the Single Audit Act and its amendments?
A) All governmental entities with expenditures of federal funds in excess of $500,000 must have a single audit, if more than one program exists.
B) An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk.
C) Both A and B above.
D) Neither A nor B above.

Which of the Following Is True Regarding the Single Audit