The Single Audit Act intends that auditors conducting regular financial audits of state and local governments and not-for-profits organizations provide assurance to the federal government that:
A) Federal funds have been expended in accordance with laws and regulations.
B) Federal funds are protected through a system of internal controls and sound financial management practices.
C) Both A and B above.
D) Neither A nor B above.

Question

Quizplus · Accepted Answer

The main objective of the single audit process is to create a mechanism whereby those auditors conducting the regular financial audits of state and local governments and not-for-profit organizations can provide assurance to the federal government that federal funds are expended in accordance with grant agreements and with financial management and other standards promulgated by the federal government.

The Single Audit Act Intends That Auditors Conducting Regular Financial