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Single audit act
This federal legislation requires state and local governments that receive federal aid of $500,000 or more in a fiscal year to have an audit under the act. A government that receives less than $500,000 can have an audit under the act or with specific laws and regulations of programmes in which the government participates. Auditors report whether the audited entity has followed laws and regulations that may have a material effect on each major federal aid program.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Accounting
- Category: Auditing
- Company: AIS
- Product:
- Acronym-Abbreviation:
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