The Federal Law That Established Uniform Requirements for Audits of Federal

question 49

Multiple Choice

The federal law that established uniform requirements for audits of federal assistance provided to state and local governments is called

• A)the Single Audit Act of 1984.
• B)the Uniform Requirements Act of 1992.
• C)the Sarbanes-Oxley Act or 2002.
• D)the Audit Reduction Act of 1985.

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Definitions:

Bargained-For Exchange

In reference to agreements, when a promise is made in exchange for another promise, in exchange for an act, or in exchange for a forbearance to act.

Contracts For Necessaries

Legal agreements for the supply of essential goods or services, such as food, shelter, and clothing, especially pertinent to persons unable to enter into contracts, like minors.

Educational Loans

Financial aid provided to students to help cover the cost of education expenses, which must be repaid.

Voluntarily Sold

The act of willingly choosing to sell an asset or property without being forced by external circumstances.