Which of the following is true regarding the Single Audit Act and its amendments?
A) Major programs selected for audit must equal 50 percent or more of federal expenditures, in all cases.
B) Separate reports are filed with every federal agency from which the audited organization receives funds.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Option A is incorrect as the percentage of major programs selected for audit is not always 50%, but is determined based on the risk assessment conducted by the auditor. Option B is also incorrect as a single audit report is filed with the Federal Audit Clearinghouse, which then distributes it to all federal agencies involved.

Which of the Following Is True Regarding the Single Audit