One of the primary purposes of the Single Audit Act of 1984 (amended in 1996)is to
A)Detect fraud,waste and abuse in government entities.
B)To promote the efficient and effective use of audit resources by consolidating audit activity into one organization-wide audit.
C)Make audit activity legal at the federal level.
D)Allow federal auditors greater access to government entities receiving federal funds.

Question

Quizplus · Accepted Answer

The primary purpose of the Single Audit Act of 1984 (amended in 1996) is to promote the efficient and effective use of audit resources by consolidating audit activity into one organization-wide audit. This act was designed to reduce duplication of efforts, increase accountability, and provide assurance that federal funds are being used properly. The act requires that state and local governments and nonprofit organizations that receive federal funds must undergo a single audit that covers all federal funding received by the entity. The goal is to streamline the auditing process and reduce the burden on auditees and auditors alike. The act also requires auditors to report on internal controls and compliance with laws and regulations related to the use of federal funds.

One of the Primary Purposes of the Single Audit Act