The Single Audit Act is intended to be the definitive legislation concerning the audit of federal awards administered by nonfederal entities. Which of the following statements is a false statement about the act? Audit reporting should cover an opinion on the fairness of the financial statements, a report on internal control, and a report on compliance with grant requirements. The act requires federal auditors to rely on single audit findings, to base any supplemental auditing on them, and to pay any additional auditing costs. The auditor must designate one of the grant providers as a cognizant agency to act as a liaison between the auditee and the federal agencies providing funds. The single audit concept changes the focus from individual grants to grant recipients.