Common use of Accounting System, Audit, and Record Keeping Requirements Clause in Contracts

Accounting System, Audit, and Record Keeping Requirements. a. It shall keep all Grant accounts and records which fully disclose the amount and disposition by the recipient of the proceeds of this Grant, the total cost of the Grant in connection with which this Grant is given or used, and the amount or nature of that portion of the cost of the Grant supplied by other sources, and such other financial records pertinent to the Grant. The accounts and records shall be kept in accordance with an accounting system that will facilitate an effective audit in accordance with the Single Audit Act of 1984.

Accounting System, Audit, and Record Keeping Requirements. a. It shall keep all Grant GRANT accounts and records which fully disclose the amount and disposition by the recipient of the proceeds of this GrantGRANT, the total cost of the Grant GRANT in connection with which this Grant GRANT is given or used, and the amount or nature of that portion of the cost of the Grant GRANT supplied by other sources, and such other financial records pertinent to the GrantGRANT. The accounts and records shall be kept in accordance with an accounting system that will facilitate an effective audit in accordance with the Single Audit Act of 1984.