Common use of Audit: State Clause in Contracts

Audit: State. The Grantee, or Contractor, shall prepare and submit, within nine (9) months after the close of the reporting period, an annual report of its activities funded under this grant to the President of Tennessee State University, the Tennessee Comptroller of the Treasury, and the Commissioner of Finance and Administration. The annual report for any Grantee that receives $300,000.00 or more in aggregate federal and/or state funding for all its programs shall include audited financial statements. All books of account and financial records shall be subject to annual audit by the Tennessee Comptroller of the Treasury or the Comptroller's duly appointed representative. When an audit is required, the Grantee may, with the prior approval of the Comptroller, engage a licensed independent public accountant to perform the audit. The audit contract between the Grantee and the licensed independent public accountant shall be on a contract form prescribed by the Tennessee Comptroller of the Treasury. Any such audit shall be performed in accordance with generally accepted auditing standards, the provisions of OMB Circular A-133 as supplemented, if applicable, and the Audit Manual for Governmental Units and Recipients of Grant Funds published by the Tennessee Comptroller of the Treasury. The Grantee shall be responsible for reimbursement of the cost of the audit prepared by the Tennessee Comptroller of the Treasury, and payment of fees for the audit prepared by the licensed independent public accountant. Payment of the audit fees of the licensed independent public accountant by the Grantee shall be subject to the provisions relating to such fees contained in the prescribed contract form noted above. Copies of such audits, as a component of the above-stated annual report, shall be provided to (1) Tennessee State University, Business and Finance, Xxxxxx Xxx 0000, Xxxxxxxxx, XX 00000, Attn: Xxxxxx Xxxxx, (2) the Tennessee Comptroller of the Treasury, (3) the Department of Finance and Administration, and shall be made available to (4) the public.

Audit: State. The Grantee, or Contractor, shall prepare and submit, within nine (9) months after the close of the reporting period, an annual report of its activities funded under this grant to the President of Tennessee State University, the Tennessee Comptroller of the Treasury, and the Commissioner of Finance and Administration. The annual report for any Grantee that receives $300,000.00 or more in aggregate federal and/or state funding for all its programs shall include audited financial statements. All books of account and financial records shall be subject to annual audit by the Tennessee Comptroller of the Treasury or the Comptroller's duly appointed representative. When an audit is required, the Grantee may, with the prior approval of the Comptroller, engage a licensed independent public accountant to perform the audit. The audit contract between the Grantee and the licensed independent public accountant shall be on a contract form prescribed by the Tennessee Comptroller of the Treasury. Any such audit shall be performed in accordance with generally accepted auditing standards, the provisions of OMB Circular A-133 as supplemented, if applicable, and the Audit Manual for Governmental Units and Recipients of Grant Funds published by the Tennessee Comptroller of the Treasury. The Grantee shall be responsible for reimbursement of the cost of the audit prepared by the Tennessee Comptroller of the Treasury, and payment of fees for the audit prepared by the licensed independent public accountant. Payment of the audit fees of the licensed independent public accountant by the Grantee shall be subject to the provisions relating to such fees contained in the prescribed contract form noted above. Copies of such audits, as a component of the above-stated annual report, shall be provided to (1) Tennessee State University, Business and Finance, Xxxxxx Campus Xxx 0000, Xxxxxxxxx, XX 00000, Attn: Xxxxxx XxxxxXxxxxxx Xxxxxx, (2) the Tennessee Comptroller of the Treasury, (3) the Department of Finance and Administration, and shall be made available to (4) the public.