Multiple Choice
Which of the following statements concerning the Single Audit Act of 1984 (with 1996 amendments) is correct?
A) Only those entities receiving over $750,000 a year in federal financial assistance are required to have a single audit.
B) Those entities expending under $750,000 a year in federal awards may be exempt from single audit requirements.
C) The Single Audit Act only applies if an entity has high risk programs.
D) The single audit is optional for all entities receiving federal awards.
Correct Answer:
Verified
Correct Answer:
Verified
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Q42: The section headed "Auditor's Responsibility" in the
Q43: Generally accepted government auditing standards (GAGAS) apply
Q44: The AICPA's Audit and Accounting Guide, State
Q45: A common reason why a government might
Q47: In auditing compliance with laws and regulations
Q48: Governments may engage one auditor to audit
Q49: An auditor performing nonaudit work for a
Q50: Answer the following questions relating to the
Q51: The single audit requirement applies to:<br>A) All