In: Accounting
It is often said that the single audit is "risk based"? Would you agree with that statement? If so, explain.
Answer:
Single Audit:
The demonstration or act refers to single audit since it merges various individual audits of non federal entities required for every federal award into single audit.
Purpose for single audit:
To guarantee a recipient of federal funds is in compliance with the federal projects necessities for how the cash can be utilized.
Risk based factors for single audit:
It might become mechanical undertaking
A audit doesn't ensure that all the material errors will be distinguished because of following inherent limitations :-