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Question: 1 / 875

What does the Accountability of Tax Dollars Act of 2002 expand?

Audit requirements for state agencies only

Annual audit requirement to include all federal agencies

The Accountability of Tax Dollars Act of 2002 significantly extends the annual audit requirement to encompass all federal agencies. This act aims to enhance transparency and accountability in the use of taxpayer dollars by ensuring that all federal entities are subject to rigorous auditing processes. This expansion reflects a commitment to improve the integrity and reliability of financial reporting across the entire federal government. By mandating that all federal agencies undergo annual audits, the act reinforces the importance of accountability in government financial practices, ultimately serving the interests of taxpayers by promoting better management and oversight of public funds.

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Financial reporting standards for local governments

Oversight for non-profit organizations

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