Final answer:
The single audit requirement applies to audits conducted under the Single Audit Act of 1984 and the OMB Circular A-133, aiming to audit non-federal entities that spend $750,000 or more of federal assistance annually. This ensures financial integrity and compliance with federal regulations, with oversight provided by agencies like the GAO.
Step-by-step explanation:
The single audit requirement specifically applies to audits following the Single Audit Act of 1984 (with 1996 Amendments) and the revised OMB Circular A-133. This requirement is designed to ensure that any non-federal entity that expends $750,000 or more of federal assistance in a year is subject to a single audit. This type of audit includes both financial and compliance components to ensure that the funds are being used appropriately and in accordance with federal regulations.
These audits are critical for transparency and accountability, especially in the use of taxpayer money. State and local governments have various systems for managing revenues and expenditures, including the role of the comptroller as described in state constitutions, to ensure that appropriations fall within available revenues.
Moreover, entities such as the Government Accountability Office (GAO) play a significant oversight role at the federal level, auditing and providing investigative services to Congress for a wide range of budgetary issues.
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