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

ANR is Average Number of Runs or Average Not Ready (call centers).

PRIME RATE is the interest rate that banks charge to their preferred customers. Changes in the prime rate influence changes in other rates; mortgage interest rates for example.

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