Public Sector Compliance and Regulations Flashcards

Which federal law requires annual single audits for non-federal entities expending $750,000 or more in federal awards?

Answer: Single Audit Act as amended, implemented via 2 CFR Part 200

The Single Audit Act, as amended and implemented through 2 CFR Part 200, requires a single organization-wide audit when federal expenditures meet the threshold.

What is a 'major program' in the context of a Single Audit?

Answer: A federal program selected for compliance testing based on risk assessment criteria in 2 CFR Part 200

Major programs are selected using a risk-based approach under 2 CFR Part 200, considering expenditure size, prior audit findings, and other risk factors.

In the Yellow Book (GAGAS), which type of finding must auditors report when they identify non-compliance that is material to a major program?

Answer: Material weakness in internal control over compliance

Under GAGAS and Single Audit requirements, non-compliance that is material to a major program requires reporting a material weakness in internal control over compliance.

What does the Schedule of Expenditures of Federal Awards (SEFA) report?

Answer: All federal awards expended by a non-federal entity during the audit period

The SEFA lists all federal awards expended by the auditee during the fiscal year and is a required supplementary schedule in a single audit.

Under the Hatch Act, what primary restriction applies to most federal employees?

Answer: They may not engage in partisan political activity while on duty or in federal facilities

The Hatch Act restricts federal employees from engaging in partisan political activity while on duty, in a federal building, or using government resources.

Which government-wide regulation governs the procurement of goods and services by federal agencies?

Answer: Federal Acquisition Regulation (FAR)

The Federal Acquisition Regulation (FAR) is the primary set of rules governing the acquisition process for executive branch federal agencies.