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Which of the following is true regarding the Single Audit Act and its amendments? (not for profit accounting) A. Major programs selected for audit must

Which of the following is true regarding the Single Audit Act and its amendments? (not for profit accounting)

A.Major programs selected for audit must equal 50 percent or more of federal expenditures, unless the organization is deemed to be low risk.

B.Separate reports are filed with every federal agency from which the audited organization receives funds.

C.Both A and B above are true.

D.Neither A nor B above is true.

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