The Single Audit Act Requires That a Governmental Unit Have

question 9

Multiple Choice

The Single Audit Act requires that a governmental unit have a single audit if they

• A)​receive any Federal Funds even on a pass-through basis.
• B)​are not in compliance with the Federal grant conditions.
• C)​receive more than $300,000 in Federal funds annually.
• D)​only receive one Federal grant.

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Definitions:

Management Accountant

A professional who focuses on providing financial data and analysis to managers for decision-making purposes.

Interdepartmental Communications

The exchange of information and collaboration between different departments within an organization.

Information Systems

Systems designed to collect, process, store, and distribute information, facilitating decision-making and coordination within organizations.

Budgeting

The process of creating a plan to spend your money, which entails allocating resources to various functions based on projected revenues and expenses.