Common use of Audits Reports Clause in Contracts

Audits Reports. Annually, CONTRACTOR shall be responsible for the procurement and performance of an independent fiscal and compliance audit. Any audit undertaken must be performed in accordance with the following standards: Generally Accepted Auditing Standards, Governmental Auditing Standards, and OMB Circular A-133. CONTRACTOR shall submit to COMMISSION within one hundred twenty (120) days of CONTRACTOR'S fiscal year-end the completed audit for the prior year. An audit of a public agency, when performed pursuant to state law, will meet the requirements of this section. COMMISSION reserves the right to require a program specific audit at COMMISSION'S discretion. COMMISSION may request additional reports as deemed necessary or as required by the California State Children and Families Commission.