Common use of Annual Compliance Audits Clause in Contracts

Annual Compliance Audits. The Prime Recipient is required to comply with the annual compliance audit requirements in 10 C.F.R. Part 600 – specifically, 10 C.F.R. § 600.126 for institutions of higher education and nonprofit organizations, 10 C.F.R. § 600.226 for state and local governments, and 10 C.F.R. § 600.316 for for-profit entities. To minimize expense, the Prime Recipient may have a compliance audit in conjunction with its annual audit of financial statements.

Annual Compliance Audits. The Prime Recipient is required to comply with the annual compliance audit requirements in 10 C.F.R. Part 600 – specifically, 10 C.F.R. § 600.126 for institutions of higher education and nonprofit organizations, 10 C.F.R. § 600.226 for state and local governments, and 10 C.F.R. § 600.316 for for-profit entities600.316. To minimize expense, the Prime Recipient may have a compliance audit in conjunction with its annual audit of financial statements.