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Required Information The Single Audit Act Read the case and answer the questions that follow. Congress passed the Single Audit Act to help improve the way federal financial assistance programs that are granted are managed. CONCEPT REVIEW: The Single Audit Act provides a statuatory requirement to test compliance with laws and regulations and internal controls over all federal program compliance requirements. 1. Audits under the Single Audit Act are than traditional financial statement audits. 4 2. Congress passed the Single Audit Act to ensure federal dollars were spent - a 3. GAGAS audits have documentation standards besides those under traditional audit | standards. 4. Federal financial assistance must b= spentin accordance with the program's 2 i . Auditors are also required under GAGAS to report fraud or : ||