Common use of Annual Audit and Trial Balance Clause in Contracts

Annual Audit and Trial Balance. The School shall undergo an independent financial audit conducted in accordance with governmental accounting standards and GASB No. 34 performed by an independent certified public accountant each fiscal year. The results of the final audit will be provided to the Institute in accordance with the CSI online compliance calendar (or its replacement). The School will pay for the audit. In addition, the School will transmit the final trial balance, in a format provided by the Institute, to the Institute using the CDE chart of accounts in accordance with the CSI online compliance calendar (or its replacement). If such audit and final trial balance is not received in accordance with the CSI online compliance calendar (or its replacement), such failure will be considered a material breach of Contract, and action will be initiated as necessary and in accordance with the procedures described in the Institute’s school compliance policy and CSI rules.

Annual Audit and Trial Balance. The School shall undergo an independent financial audit conducted in accordance with governmental accounting standards and GASB No. #34 performed by an independent certified public accountant each fiscal year. The results of the final audit will be provided to the Institute in accordance with the CSI online compliance calendar (or its replacement). The School will pay for the audit. In addition, the School will transmit the final trial balance, in a format provided by the Institute, to the Institute using the CDE chart of accounts in accordance with the CSI online compliance calendar (or its replacement). If such audit and final trial balance is not received in accordance with the CSI online compliance calendar (or its replacement), such failure will be considered a material breach of Contract, and action will be initiated as necessary and in accordance with the procedures described in the Institute’s school compliance policy and CSI rules.