Single Audit Act

[SING-guhl AW-dit akt]

What is the definition of Single Audit Act?

The Single Audit Act is a set of United States federal regulations that require audits for states, local governments, and nonprofit organizations receiving federal funds exceeding a specified threshold. It aims to ensure proper use and management of federal funds.

Using Single Audit Act in an Example

Under the Single Audit Act, a local government that receives federal grant money for community development must undergo a single audit to verify that the funds were used appropriately according to federal requirements.

Using Single Audit Act in a sentence

Our organization must prepare for compliance with the Single Audit Act due to the substantial federal funding we've received this year.

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