Question

10. Which of the following is not true regarding the Single Audit Act and its amendments?
    1. Government Audit Standards do not apply to audits conducted to satisfy the requirements of the Single Audit Act as well as other governmental audits.
    2. Major programs selected for audit must equal 50 percent or more of federal expenditures, unless the organization is deemed to be low risk.
    3. Governmental entities with expenditures of federal funds in excess of $500,000 must have a single audit, if more than one program exists.
    4. The act is intended to provide assurance to the federal government that federal funds are protected through a system of internal controls and sound financial management practices.

Answer 1

Which of the following is not true regarding the Single Audit Act and its amendments?

Government Audit Standards do not apply to audits conducted to satisfy the requirements of the Single Audit Act as well as other governmental audits.

Explanation :
Government audit standards are commonly known as yellow book. It must comply with accepted auditing standards and Government auditing standards

It satisfy the requirements of a single audit act as well as other government audits