Which of the Following Statements Concerning the Single Audit Act

question 46

Multiple Choice

Which of the following statements concerning the Single Audit Act of 1984 (with 1996 amendments) is correct?

• A) Only those entities receiving over $750,000 a year in federal financial assistance are required to have a single audit.
• B) Those entities expending under $750,000 a year in federal awards may be exempt from single audit requirements.
• C) The Single Audit Act only applies if an entity has high risk programs.
• D) The single audit is optional for all entities receiving federal awards.

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Definitions:

Regression Analysis

A statistical method used to model the relationship between a dependent variable and one or more independent variables.

Dependent Variable

In statistical modeling, this is the variable being tested and measured to see if it is affected by changes in the independent variables.

Cook's D

A statistic used in regression analysis to identify influential data points that can disproportionately affect the results of the regression.

Leverage

A measure of how far the values of the independent variables are from their mean values.