Final answer:
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.