SINGLE AUDIT ACT Definition

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SINGLE AUDIT ACT is federal legislation requiring 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 programs 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.

Learn new Accounting Terms

MARGINAL TAX RATE is the top rate of income tax that is charged to individuals on their earnings.

APPROPRIATE / APPROPRIATED / APPROPRIATION is distribution of net income to various accounts and / or the allocation of retained earnings for a designated purpose, e.g. plant expansion.

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