Question

A program selected for audit under the single audit approach is called a(n) program?

1) Audit program
2) Single program
3) Selected program
4) Approach program

Answer 1

A program selected for an audit under the single audit approach is known as a 'selected program'. This is part of an organization-wide financial audit for entities that expend significant federal funds, following OMB guidelines.

Step-by-step explanation:

The program selected for audit under the single audit approach is called a selected program. A single audit is an organization-wide financial statement and federal awards audit of a non-federal entity that expends $750,000 or more in federal funds in one year.

These audits are also known as OMB A-133 audits, referring to the Office of Management and Budget (OMB) guidelines that govern them. When an entity undergoes a single audit, the auditor will select certain federal programs to audit in detail based on risk assessments and other criteria.