Under the Terms of the Single Audit Act and Its

question 44

Multiple Choice

Under the terms of the Single Audit Act and its amendments,what percentage of federal awards expenditures must be selected for audit?

• A) 50%; or 0% if organization is deemed to be Low Risk Auditee.
• B) 50%; or 25% if organization is deemed to be Low Risk Auditee.
• C) 100%; or 25% if organization is deemed to be Low Risk Auditee.
• D) 100%; or 50% if organization is deemed to be Low Risk Auditee.

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Definitions:

External Audience

Individuals or groups outside of an organization who are potential or actual recipients of communication from that organization.

Corporate Accountant

A professional responsible for managing and reporting a company’s financial information, including tax obligations, budgeting, and financial analysis.

Vice-President

A high-ranking executive in a company or organization, typically below the president, responsible for specific duties and departments.

Stockholders

Individuals or entities that own shares in a corporation, thus having a stake in the company's assets and earnings.