The Single Audit Act of 1984 requires an annual audit of all governments,agencies,and nonprofit organizations that
A)receive $300,000 or more federal funds.
B)receive $500,000 or more federal funds.
C)spend $300,000 or more federal funds.
D)spend $500,000 or more federal funds.

Question

Quizplus · Accepted Answer

The Single Audit Act of 1984 requires an annual audit of all governments, agencies, and nonprofit organizations that spend $500,000 or more federal funds. This audit aims to ensure that the funds are used in accordance with applicable laws and regulations, and that the organizations maintain sound financial management practices. The audit is conducted by an independent auditor, and the results are reported to the federal government.

The Single Audit Act of 1984 Requires an Annual Audit