The single audit act is intended to provide assurance to the federal government that federal funds have been expended in accordance with laws and regulations.

Question

Quizplus · Accepted Answer

The statement accurately reflects the purpose of the Single Audit Act. The act requires states, local governments, and nonprofit organizations that expend $750,000 or more in federal funds in a year to have an annual audit that includes testing compliance with federal regulations. The purpose is to ensure that federal funds are used for their intended purposes and in compliance with applicable laws and regulations.

The Single Audit Act Is Intended to Provide Assurance to the Federal