The Single Audit Act intends that auditors conducting regular financial audits of state and local governments and not-for-profits organizations provide assurance to the federal government that:
A)	Federal funds have been expended in accordance with laws and regulations.
B)	Federal funds are protected through a system of internal controls and sound financial management practices.
C)	Both A and B above.
D)	Neither A nor B above.
Answer:C
The Single Audit Act intends that auditors conducting regular financial audits of state and local governments and not-for-profits organizations provide assurance to the federal government that:
A)	Federal funds have been expended in accordance with laws and regulations. B)	Federal funds are protected through a system of internal controls and sound financial management practices. C)	Both A and B above. D)	Neither A nor B above.