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What did the Single Audit Act establish?
The U.S. Congress adopted the Single Audit Act (SAA; Public Law 98-502) in 1984 to establish entity-wide audit requirements for state and local governments and Indian tribal governments receiving federal financial assistance.
What did the 1996 Single Audit Act Amendments change about how federal funds trigger an audit?
Audit requirements are triggered by federal funds expended rather than funds received
How did audits work before the Single Audit Act?
Before the SAA, federal agencies had the authority to require an audit of each federally funded program or activity. Thus, audit overlaps and organizational inefficiencies existed as there was no coordination among the federal agencies.
What major changes did the 1996 Single Audit Act Amendments make to the act?
The amendments exempt entities receiving a relatively small amount of federal funds, enacts guidelines to ensure that high-risk programs are subject to audit, and simplifies reporting requirements.
What is the difference between tax audit and statutory audit?
Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. For example books of accounts are audited under the Companies Act, 1956 (Statutory Audit) and Financial Statements of companies are prepared as per the provisions of this Act. Books are also audited under the Income Tax Act, 1961 and the income arrived at as per the provisions of this Act is taxed (Tax Audit).
What is the goal of an audit?
The objective of an audit is to provide reasonable assurance that an assertion corresponds with a set of specified and established criteria.
Provisions of the company act in audit?
The provision of the company act in audit requires that all the companies be audited after a given duration of time.
What was not a goal of health care act of 2010?
Provide a single-payer system of health insurance
What was not the goal of the health care act of 2010?
Provide a single-payer system of health insurance
What was not a goal of the Health Care Act of 2010?
Provide a single-payer system of health insurance
Does the Single Audit Act apply to state and local governments?
Establish uniform requirements for audits of federal funds provided to state and local governments
Which government agency oversees implementation of the Single Audit Act?
The director of the U.S. Office of Management and Budget (OMB) is responsible for dictating policies, procedures, and guidelines to carry out the SAA.
