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The Single Audit Act of 1984 provides for a single coordinated audit to meet the audit requirements of all federal agencies. Entities that receive more

The Single Audit Act of 1984 provides for a single coordinated audit to meet the audit requirements of all federal agencies. Entities that receive more than $750,000 in federal funds are subject to a single audit even if more than one agency provided funds. The Single Audit Act applied only to audits of state and local governments, but it was extended in 1990 to higher-education institutions and other not-for-profit organizations by the Office of Management and Budget (OMB) through the issuance of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. REQUIRED: Based on the above statement on the Single Audit Act and OMB Circular: 1. List THREE audit requirementsimage text in transcribed

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