Multiple Choice
Which of the following is true regarding the Single Audit Act and its amendments?
A) Governments and not-for-profit organizations that exceed $50 million in federal awards are normally assigned a cognizant agency to provide guidance; smaller governments are expected to use oversight agencies, the agencies providing more funding than any other agency.
B) A risk-based approach (risk to the auditor) is used to determine which programs are selected by the auditor to audit.
C) Both of the above.
D) Neither of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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