The single audit requirement applies to
A) All audits of state and local government reporting entities.
B) Audits to determine efficiency and economy.
C) Audits following the Single Audit Act of 1984 (with 1996 Amendments)and the revised OMB Circular A-133.
D) Financial and performance audits,and attestation engagements.

Question

Quizplus · Accepted Answer

The single audit requirement applies to audits following the Single Audit Act of 1984 (with 1996 Amendments) and the revised OMB Circular A-133. This involves audits of state and local government reporting entities that receive federal awards. The purpose of the single audit is to provide assurance that the reporting entity is in compliance with applicable laws and regulations related to the federal awards. Financial and performance audits and attestation engagements may be part of the single audit, but they do not by themselves trigger the single audit requirement. Efficiency and economy audits are not covered by the single audit requirement.

The Single Audit Requirement Applies to