Auditing Standards and Reports Sample Clauses

Auditing Standards and Reports. A. Auditing Standards Subcontractor must follow all audit requirements as set forth in OMB Circular A-133 and the 2009 CSD Supplemental Audit Guide. The 2009 Supplemental Audit Guide is attached herein as ARRA Exhibit D Attachment I. B. Audit Reports 1) Funds provided under this Agreement shall be included in an audit conducted in accordance with the provisions of OMB Circular A-133 for nonprofit and public agencies, standards promulgated by the American Institute of Certified Public Accountants (AICPA), and those standards included in "Government Auditing Standards, 2007 Revision, as amended. 2) The financial and compliance audit report shall contain the following supplementary financial information: a combined statement of revenue and expenditures for each contract that presents, by budget line item, revenue and expenditures for the audit period and a description of the methodology used to allocate and claim indirect costs and any administrative cost pools. 3) The audit report must specifically mention that a review for compliance with OMB Circulars A-87 and A-122 was conducted. 4) Subcontractors shall submit to CAPOC one printed copy and one electronic copy of the required audit report(s) and any management letter if issued by the accountant, within nine months of the end of the Contractor's fiscal year, accompanied by a copy of the signed, final engagement letter between Contractor and the independent auditor. Upon written request by the Contractor's independent auditor, which includes an explanation of why the audit cannot be submitted within nine months of the end of the Contractor's fiscal year, an extension may be granted by CAPOC Chief Financial Auditor for submittal of the audit report not to exceed an additional 30 calendar days from the original due date. The audit reports are to be submitted to the following addresses: Printed copy: Community Action Partnership of Orange County Attention: Chief Financial Officer ▇▇▇▇▇ ▇▇▇▇▇ Garden Grove, CA 92841 Electronic copy: 5) Where services or funds under this Agreement are provided to, for, or by a wholly owned, or wholly controlled subsidiary of Subcontractor, Subcontractor hereby provides assurance that an audit shall be performed of this subsidiary organization in accordance with this Section. Said required audit report shall be made available to the State upon request.