The purpose of this is to avoid duplication of efforts in conducting governmental audits

Question

Quizplus · Accepted Answer

The Single Audit Act (Choice C) was enacted to avoid duplicative efforts in conducting government audits by requiring non-federal entities that expend $750,000 or more in federal awards during the fiscal year to have a single audit. This audit covers both financial statements and compliance with federal grant requirements. The AICPA's Professional Standards (Choice A) apply to audits of non-governmental entities, while GAO's Government Auditing Standards (Choice B) apply to audits of federal entities. OMB Circular A-133 (Choice D) provides guidance on audits of federal grants and is closely related to the Single Audit Act.

The Purpose of This Is to Avoid Duplication of Efforts