Common use of Annual Audits Clause in Contracts

Annual Audits. The Charter School shall cause a Financial Statement Audit and Financial and Administrative Procedures Controls Review (collectively, the “Financial Audits”) to be performed annually at its expense by an outside independent auditor retained by the Charter School, reasonably acceptable to the Board, and approved by General Counsel for the Board. The Financial Audits shall include, without limitation: i. An opinion on the financial statements (and Supplementary Schedule of Expenditures of Federal Awards, if applicable); ii. A report on compliance and on internal control over financial reporting based on an audit of financial statements performed in accordance with Government Accounting Standards; and iii. A report on compliance with requirements of applicable laws and regulations as set forth in Section 6 of this Agreement and as otherwise specified in the Charter Schools Law. iv. A report on the compliance with the requirements of this Section 6 including, but not limited to the requirements that the Charter School refrain from commingling funds, that the Charter School report interested transactions, and that the charter report actual student attendance. The Financial Audits shall be provided to the Board no later than November 1 of each year during the term of this Agreement, excepting reasonable delay.

Annual Audits. The Charter School shall cause a Financial Statement Audit and Financial and Administrative Procedures Controls Review (collectively, the “Financial Audits”) to be performed annually at its expense by an outside independent auditor retained by the Charter School, reasonably acceptable to the Board, and approved by General Counsel for the Board. The Financial Audits shall include, without limitation: i. An opinion on the financial statements (and Supplementary Schedule of Expenditures of Federal Awards, if applicable); ii. A report on compliance and on internal control over financial reporting based on an audit of financial statements performed in accordance with Government Accounting Standards; and iii. A report on compliance with requirements of applicable laws and regulations as set forth in Section 6 of this Agreement and as otherwise specified in the Charter Schools Law. iv. A report on the compliance with the requirements of this Section 6 including, but not limited to the requirements that the Charter School refrain from commingling funds, that the Charter School report interested transactions, and that the charter report actual student attendance. The Financial Audits shall be provided to the Board no later than November December 1 of each year during the term of this Agreement, excepting reasonable delay.