The Single Audit Requirement Applies To

question 51

Multiple Choice

The single audit requirement applies to:

• A) All audits of state and local government reporting entities.
• B) Financial audits of all not-for-profit entities.
• C) Most audits of state and local governments expending federal grant funds.
• D) Only those governments and not-for-profit entities that are audited by a federal audit agency.

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Definitions:

Private Saving

The portion of individuals' or households' income that is not used for consumption or paying taxes, typically used for investment or future spending.

Government Budget

A financial statement presenting the government's projected revenue and expenditure for a specific period.

National Saving

The total amount of savings generated within a country, which includes both private savings by households and businesses, and public savings from government budgets.

Mutual Funds

Investment programs funded by shareholders that trade in diversified holdings and are managed by professionals.