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

FIXED BOND pays an income stream and redemption payment at maturity that is fixed in monetary terms; however, high inflation will erode the real value of these payments.

BURSARY is the treasury of a public institution or religious order.

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