Common use of Financial Statement Audit Clause in Contracts

Financial Statement Audit. Annually, no later than February 15, the parties agree that for the purpose of this Agreement, the CNA must submit its audited financial statements along with the independent auditor’s opinion thereon. In addition to the financial statement audit, the CNA must also submit any other formal audit related communications. For example, communications that may include recommendations to improve internal controls over financial reporting for the federal program that includes, at a minimum: (Assets, Liabilities, Expenses, Cash Flows from operating activities, investments, reserves, employee-related benefits, Leases, Hotel contracts, and legal matters) a summary of prior audit findings and corrective action plans. The CNA shall implement all recommendations related to material weaknesses or significant deficiencies in internal control over financial reporting. The audit shall be performed by an independent Certified Public Accounting Firm.

Financial Statement Audit. Annually, no later than February 15, the parties agree that for the purpose of this Agreement, the CNA must submit its audited financial statements and notes to financial statements, along with the independent auditor’s opinion thereon. In addition to the financial statement audit, the CNA must also submit any other formal audit related communications. For example, communications that may include recommendations to improve internal controls over financial reporting for the federal program that includes, at a minimum: (Assets, Liabilities, Expenses, Cash Flows from operating activities, investments, reserves, employee-related benefits, Leases, Hotel contracts, and legal matters) a summary of prior audit findings and corrective action plans. The CNA shall implement all recommendations related to material weaknesses or significant deficiencies in internal control over financial reporting. The audit shall be performed by an independent Certified Public Accounting Firm.