Under the Single Audit Act, state and local governments and nonprofit organizations that receive $100,000 or more in federal financial assistance in any fiscal year, either directly from a federal agency or indirectly through another state or local government entity, are required to have a single annual audit.

Question

Quizplus · Accepted Answer

The threshold for requiring a single audit under the Single Audit Act was raised to $750,000 in federal financial assistance per fiscal year, as per the updates in the Uniform Guidance (2 CFR 200).

Under the Single Audit Act, State and Local Governments and Nonprofit