Final answer:
In a single audit reporting package, the Report on efficiency and effectiveness is not included. The required components are the financial statements, schedule of expenditures of federal awards, summary schedule of prior audit findings, and the corrective action plan.
Step-by-step explanation:
The question is related to the components of the reporting package resulting from a single audit. A single audit is an organization-wide financial statement and federal awards audit of a state, local government, or nonprofit organization that expends $750,000 or more of federal assistance in one year. This audit is detailed in the Office of Management and Budget's (OMB) Uniform Guidance.
Based on the components listed in the OMB's guidelines, the reports included in the single audit reporting package are:
- Financial statements and schedule of expenditures of federal awards.
- Auditors' reports on the financial statements and schedules.
- Summary schedule of prior audit findings.
- Corrective action plan.
The report not included in the single audit reporting package is the Report on efficiency and effectiveness. This report is not a required component of the single audit reporting package.