What does FSAA mean in STATE & LOCAL
The Florida Single Audit Act (FSAA) was established to ensure that state and local governments comply with applicable laws and regulations when expending federal funds. This act requires the completion of an annual audit and reporting process for units of government receiving more than $500,000 in direct federal aid. These audits must be conducted on an annual basis as required under 2 CFR 200, Subpart F.
FSAA meaning in State & Local in Governmental
FSAA mostly used in an acronym State & Local in Category Governmental that means Florida Single Audit Act
Shorthand: FSAA,
Full Form: Florida Single Audit Act
For more information of "Florida Single Audit Act", see the section below.
Essential Questions and Answers on Florida Single Audit Act in "GOVERNMENTAL»LOCAL"
What is the purpose of the FSAA?
The purpose of the FSAA is to ensure that state or local governments comply with applicable laws and regulations when expending federal funds.
Do all organizations need to comply with the FSAA?
Organizations that receive more than 0,000 in direct federal aid are required to comply with the FSAA.
What type of audit does the FSAA require?
The FSAA requires an annual audit and reporting process as outlined in 2 CFR 200, Subpart F.
Does the FSAA apply to private organizations receiving federal funds?
Yes, private organizations are also subject to audit requirements under the FSAA if they receive more than 0,000 in direct federal aid.
Who is responsible for conducting these audits?
These audits must be conducted by a certified public accountant (CPA) who meets certain qualifications outlined in 2 CFR 200, Subpart F.
Final Words:
In conclusion, the Florida Single Audit Act serves as an important tool for ensuring compliance within units of government receiving federal funding. Audits must be performed annually by a qualified CPA as outlined under 2 CFR 200, Subpart F. The purpose of this act is to protect taxpayer dollars from misuse by ensuring that all eligible entities are compliant with applicable laws and regulations associated with their use of federal money.