One of the Primary Purposes of the Single Audit Act

question 25

Multiple Choice

One of the primary purposes of the Single Audit Act of 1984 (amended in 1996) is to

• A) Detect fraud,waste and abuse in government entities.
• B) Promote the efficient and effective use of audit resources by consolidating audit activity into one organization-wide audit.
• C) Make audit activity legal at the federal level.
• D) Allow federal auditors greater access to government entities receiving federal funds.

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Definitions:

Offshoring

Relocation of business processes to lower-cost locations overseas.

Partnership

A type of business organization where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.

Specific Undertaking

A Specific Undertaking refers to a particular project or task that is distinctly defined within the scope of work or agreement.

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task, which could be a new project or any other business activity.