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 to the federal government 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 the intended outcomes of the Single Audit Act.

The Single Audit Act Intends That Auditors Conducting Regular Financial