The Single Audit Act intends that auditors conducting regular financial audits of state and local governments and not-for-profits organizations provide assurance to the federal government that:
A) Federal funds have been expended in accordance with laws and regulations
B) Federal funds are protected through a system of internal controls and sound financial management practices
C) Both A & B
D) None of the above

Question

Quizplus · Accepted Answer

The Single Audit Act requires auditors to provide assurance that federal funds have been expended in accordance with laws and regulations and that they are protected through a system of internal controls and sound financial management practices. Therefore, both options A and B are correct.

The Single Audit Act Intends That Auditors Conducting Regular Financial