The Single Audit Act Requires That an Audit Be Conducted

question 63

Multiple Choice

The Single Audit Act requires that an audit be conducted for recipients who receive total federal funds in any fiscal year of:

• A)$1,000,000 or more.
• B)$500,000 or more.
• C)$300,000 or more.
• D)$100,000 or more.

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Definitions:

Check-Processing Time

The duration it takes for a bank to process a check payment, clearing the funds from the payer's account to the payee.

Overdrafts

A financial situation where an individual withdraws or spends more money than is available in their account, leading to a negative balance.

Account-Holder

An individual or entity that owns an account in a bank or similar financial institution.

Online Payment Systems

Digital platforms that facilitate the transfer of money between buyers and sellers over the internet.