The Single Audit Act requires that an audit be conducted for recipients who receive total federal funds in any fiscal year of:
A)$1,000,000 or more.
B)$500,000 or more.
C)$300,000 or more.
D)$100,000 or more.

Question

Quizplus · Accepted Answer

The Single Audit Act requires that an audit be conducted for recipients who receive total federal funds of $500,000 or more in any fiscal year. This requirement applies to non-federal entities such as state and local governments, Indian tribes, and nonprofit organizations that expend federal awards.

The Single Audit Act Requires That an Audit Be Conducted