Which of the Following Statements Concerning the Single Audit Act

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 $500,000 a year in federal financial assistance are required to have a single audit.
B) Those entities expending under $500,000 a year in federal awards are 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.