Which of the following is true regarding the Single Audit Act and its amendments?
A. Major programs selected for the audit must equal 50 percent or more of federal expenditures, unless the organization is deemed to be low risk.
B. Governmental entities with expenditures of federal funds in excess of $500,000 must have a single audit, if more than one program exists.
C. Both A and B above.
D. Neither A nor B above.
Answer: C