Single Audit Act

The Single Audit Act is a U.S. law that ensures federal funds are used properly by organizations like state governments and non-profits. Under this act, if an organization spends more than $750,000 in federal money in a year, it must undergo a comprehensive audit. This audit checks financial statements and compliance with federal regulations, aiming to prevent misuse of funds and ensure accountability. Essentially, it's a way to maintain transparency and ensure that taxpayer dollars support their intended purposes effectively.