Under a single audit:
A) An annual audit must be performed encompassing the nonfederal entity's financial statements and schedule of expenditures of federal awards.
B) The audit must be conducted by an independent auditor in accordance with generally accepted government auditing standards (GAGAS) and cover the operations of the entire nonfederal entity.
C) For each major program, the auditor must obtain an understanding of the internal controls pertaining to the compliance requirements for the program, assess control risk, and perform tests of controls, unless the controls are deemed to be ineffective.
D) All of the above statements regarding a single audit are true.

Question

Quizplus · Accepted Answer

All of the statements regarding a single audit are true. The audit must encompass the financial statements and schedule of expenditures of federal awards, be conducted by an independent auditor in accordance with GAGAS, cover the entire nonfederal entity, and include obtaining an understanding of internal controls, assessing control risk, and performing tests of controls for each major program, unless the controls are ineffective.

Under a Single Audit