The single audit targets the requirements on Risk of Waste, Fraud, and Abuse by revising the criteria for low-risk auditee status, raising both the threshold that triggers a Single Audit to $750,000. Also Increased the threshold for reporting findings to $25,000 in questioned costs and requiring more detailed information to be reported. 

Do you think the new requirement for government audits will help eliminate abuse in government reporting?

Answer rating: 100% (QA)

The new requirements for government audits such as raising the threshold for triggering a Single Aud... View the full answer