Only state and local governments and their component units must have single audits; colleges and universities and other not-for-profit organizations that expend federal financial awards are not required to have single audits.

Question

Quizplus · Accepted Answer

This statement is incorrect. Not-for-profit organizations that expend federal financial awards are required to have single audits, in addition to state and local governments and their component units. Colleges and universities may also be required to have single audits depending on the amount of federal funding they have received.

Only State and Local Governments and Their Component Units Must