Audit Standards. Single Audit Act Amendments of 1996, 31 U.S.C. § 7501; Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 C.F.R. Part 200); Uniform Grant and Contract Management Act (Texas Government Code Chapter 783) and the Uniform Grant Management Standards, issued by Governor’s Office of Budget and Planning; and Title 1 Texas Administrative Code § 5.167(c).
Audit Standards. Xxxxxxx acknowledges this Agreement involves the use of federal funds and as such is subject to audit by the agency of the United States government granting funds to Grantor for purposes of performing the Project. As directed by Xxxxxxx, the Project will be subject to fiscal and compliance audits in accordance with 2 CFR 200 and United States Government Accountability Office Guidelines for Financial and Compliance Audits of Federally Assisted Programs.
Audit Standards. Audits performed by independent public accountants must be performed in accordance with generally accepted auditing standards or generally accepted government auditing standards for financial and compliance audits, whichever is applicable.
Audit Standards. The independent fiscal audit shall conform to generally accepted governmental auditing principles. Such audits shall identify the funds received and disbursed under this AGREEMENT and include the following components:
(i) Balance Sheet or Statement of Financial Position;
(ii) Statement of Support, Revenue, and Expenses and Changes in Fund Balances or Statement Activities;
(iii) Statement of Functional Expenses;
(iv) Statement of Auditor’s Report;
(v) Communication of Internal Control Related Matters Identified in an Audit (Management Letter) from Auditor;
(vi) GRANTEE shall also submit to the agency a written management response to the findings of the Internal Control Matters.
Audit Standards. The provider agrees to maintain records to easily identify the utilization of Area Agency on Aging funds and make those records available for audit and assessment for three years beyond the end of the award period. Documents detailing policies and procedures regarding audit standards must be provided to NEI3A upon request.
Audit Standards. 1. The School’s financial records shall be maintained in the same manner as the financial records of school districts, pursuant to rules adopted by the Auditor of State and in the manner presented in Chapter 117 of the Revised Code. The School shall meet the requirements and follow the procedures for program and financial audits established from time to time by the Auditor of State and the Department. The Governing Authority shall comply with the standards for financial reporting adopted under R.C. 3301.07(B)(2), and any other enhanced standards required by the Sponsor.
2. The School understands that the Sponsor is required to maintain a presence at any and all meetings with the Auditor of State. Accordingly, the School agrees to provide written notice to the Sponsor of the time, date, and location of the meeting to the Sponsor. Such notice must be provided within three (3) business days of receiving notification of a meeting and may be coordinated through the fiscal officer.
3. If the School is declared unauditable pursuant to R.C. 3314.51, the Governing Authority shall suspend the Fiscal Officer and find an immediate replacement. If the Governing Authority has contracted with a management company that provides the services of a fiscal officer, the Governing Authority shall cause the management company to suspend the Fiscal Officer and find an immediate replacement.
Audit Standards a. The audit will be designed to increase the accountability for the expenditure of federal, state, local, and other funds utilized by the subcontractors and subgrantees of DAODAS. The audit will apply to the entire operation of an agency. Audits of individual departments and agencies may be considered a single audit when conducted on a county government body by an independent auditor, and will comply with 2CFR 200 Uniform Guidance.
b. DAODAS audit policy hereby defines “audit” as including financial as well as economy and efficiency audits according to the Generally Accepted Government Auditing Standards (also known as The Yellow Book), to include SAS 112 (Statement on Auditing Standards), which requires the auditor to report in writing to management and the governing body any control deficiencies found during the audit that are considered significant deficiencies and/or material weaknesses.
c. As governmental funds are accounted for on the modified accrual basis of accounting, the audit report must be prepared on the same basis. In addition, the financial statements and schedules must be in conformity with Generally Accepted Accounting Principles (GAAP). Under the modified accrual basis of accounting, expenditures are measurable and should be recorded when the related liability is incurred. Revenues are recognized in the accounting period when they become available and measurable. DAODAS reimbursements not received before the end of the state fiscal year must be shown as accounts receivable in the programs in which they are due in order to match revenue with the proper year.
d. DAODAS adopts the principles for determining allowable and unallowable costs as provided in the Uniform Guidance. All costs allocated to a program must be recorded in that program, supported by proper documentation, and procured competitively.
e. The audit report shall include the following:
i. An auditor’s opinion on whether the basic financial statements present fairly the financial position of the agency and the results of its financial operations in accordance with GAAP, and an opinion as to whether the schedule of expenditures of federal awards is fairly stated in relation to the financial statements taken as a whole.
ii. A report on compliance and internal control over financial reporting based on an audit of financial statements in accordance with Generally Accepted Government Auditing Standards. The report shall describe the scope of testing, the results of the tests and, ...
Audit Standards. Contractor accountants shall use sound professional judgment in determining the standards that apply to each specific audit.
1. Any determination that standard guidelines do not apply to an audit shall be reported in supporting documents. Situations may occur in which government auditors are not able to follow an applicable standard and are not able to withdraw from the audit. In those situations, the Contractor shall disclose in the Scope section of their report: That an applicable standard was not followed; The reasons why the standard was not followed; and How that missing standard is expected to affect the audit.
2. Contractor shall meet the minimum requirements for all claims submitted as codified by the State in Regulation 1807. The State’s requirements include providing the taxpayer’s name, seller’s permit number, complete business address, a description of the specific business activity, the name, title and telephone number of the contact person and the tax reporting periods involved. Contractor shall also include detailed supporting documentation as evidence of boundary or other errors.
Audit Standards. Contractor’s audit examination shall be performed in accordance with the following standards and guidelines:
a) Generally accepted auditing standards issued by the American Institute of Certified Public Accountants (AICPA);
b) Generally accepted government auditing standards – the Yellow Book (GAO) issued by the Comptroller General of the United States;
c) Single Audit Act Amendment of 1996, Public Law 104-156;
Audit Standards. Costs. Any audit must take place at Agent’s corporate office (or other location where Agent maintains the applicable books and records), and must be performed in accordance with generally accepted auditing standards. All Parties will share in the cost of each audit conducted under Section 8.7.1 or 8.7.2 (including Agent’s reasonable costs in facilitating the audit) according to their respective Proportionate Shares, and the findings of any such audits will be conclusive with respect to each Party.
