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 50 percent of federal funds expended, in all cases
C) Both of the above
D) Neither of the above

Question

Quizplus · Accepted Answer

The Single Audit Act requires all governmental entities with expenditures of federal funds in excess of $750,000 to have a single audit if more than one program exists. This threshold was increased from $500,000 to $750,000 with the passage of the Uniform Guidance in 2014.

Answer: D
 None of the options provided are completely accurate.

Which of the Following Is True Regarding the Single Audit