Multiple Choice
Which of the following is not 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.
B) Smaller entities report to oversight agencies, typically the agency providing more funding than any other agency.
C) The auditor is not required to test internal controls to gain an understanding of internal controls.
D) All of the above are true.
Correct Answer:
Verified
Correct Answer:
Verified
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