Question
A state or local government that receives more than $500,000 in a year but does not spend it: A. Does not need a Single Audit
A state or local government that receives more than $500,000 in a year but does not spend it:
A. Does not need a Single Audit that year, as long as it passes those federal funds along to not-for-profit organizations.
B. Must submit a Single Audit report to the US Department of Commerce.
C. Must have a Single Audit, following OMB Circular A-133 guidance.
D. Is not required to have a Single Audit that year.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
