Common use of Independent Audit Reports Clause in Contracts

Independent Audit Reports. a. If GRANTEE expends $750,000 or more in a year in Federal funds, GRANTEE shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in XXXXXXX’s budget in an amount equal to City’s fair share of the GRANTEE’s cost of an A-133 independent audit, if required. a. The audit report shall ascertain and determine that no services provided by the GRANTEE under this AGREEMENT are duplicative of services provided to another agency from which GRANTEE receives funding and are not being reimbursed from funding received from another agency. b. GRANTEE shall enter into an agreement with an outside auditor no later than sixty (60) days before the end of each Fiscal Year calling for the financial and compliance audit of GRANTEE’s Fiscal Years that are covered by this Agreement. The written agreement may be in the form of an engagement letter prepared by the auditor and approved by XXXXXXX. c. An audit report must be completed and posted in PDF format on WebGrants within six months of the end of each of the GRANTEE's Fiscal Years covered by this AGREEMENT. If this AGREEMENT expires or is terminated on a date that occurs after the period covered by the foregoing audit, GRANTEE shall deliver an audit report within two hundred and fifty (250) days after the expiration or termination of this AGREEMENT auditing the period not covered by the prior audit. d. Should GRANTEE not enter into an agreement with an outside auditor or should an audit not be done on a timely basis, the City, at its discretion, may enter into an agreement with an independent auditor to do the audit at GRANTEE’s expense. e. The GRANTEE shall submit to the City copies of management letters the auditor prepares for the GRANTEE as part of the audit engagement. f. All audits must be performed by Certified Public Accountants currently certified and licensed to practice in the State of California. GRANTEE must have Auditor’s proof of current licensing on file in GRANTEE’s office. GRANTEE must submit to the CITY, a copy of Auditor’s certification to practice in California with the audit.

Independent Audit Reports. a. If GRANTEE expends $750,000 or more in a year in Federal funds, GRANTEE shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in XXXXXXXGRANTEE’s budget in an amount equal to City’s fair share of the GRANTEE’s cost of an A-133 independent audit, if required. a. The audit report shall ascertain and determine that no services provided by the GRANTEE under this AGREEMENT are duplicative of services provided to another agency from which GRANTEE receives funding and are not being reimbursed from funding received from another agency. b. GRANTEE shall enter into an agreement with an outside auditor no later than sixty (60) days before the end of each Fiscal Year calling for the financial and compliance audit of GRANTEE’s Fiscal Years that are covered by this Agreement. The written agreement may be in the form of an engagement letter prepared by the auditor and approved by XXXXXXXGRANTEE. c. An audit report must be completed and posted in PDF format on WebGrants within six months of the end of each of the GRANTEE's Fiscal Years covered by this AGREEMENT. If this AGREEMENT expires or is terminated on a date that occurs after the period covered by the foregoing audit, GRANTEE shall deliver an audit report within two hundred and fifty (250) days after the expiration or termination of this AGREEMENT auditing the period not covered by the prior audit. d. Should GRANTEE not enter into an agreement with an outside auditor or should an audit not be done on a timely basis, the City, at its discretion, may enter into an agreement with an independent auditor to do the audit at GRANTEE’s expense. e. The GRANTEE shall submit to the City copies of management letters the auditor prepares for the GRANTEE as part of the audit engagement. f. All audits must be performed by Certified Public Accountants currently certified and licensed to practice in the State of California. GRANTEE must have Auditor’s proof of current licensing on file in GRANTEE’s office. GRANTEE must submit to the CITY, a copy of Auditor’s certification to practice in California with the audit.

Independent Audit Reports. a. (1) If GRANTEE CONTRACTOR expends $750,000 or more in a year in Federal funds, GRANTEE CONTRACTOR shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in XXXXXXX’s CONTRACTOR's budget in an amount equal to City’s CITY's fair share of the GRANTEE’s CONTRACTOR's cost of an A-133 independent audit, if required. a. (2) The audit report shall ascertain and determine that no services provided by the GRANTEE CONTRACTOR under this AGREEMENT are duplicative of services provided to another agency from which GRANTEE CONTRACTOR receives funding and are not being reimbursed from funding received from another agency. b. GRANTEE (3) CONTRACTOR shall enter into an agreement with an outside auditor no later than sixty (60) days before the end of each Fiscal Year calling for the financial and compliance audit of GRANTEE’s CONTRACTOR's Fiscal Years that are covered by this AgreementAGREEMENT. The written agreement may be in the form of an engagement letter prepared by the auditor and approved by XXXXXXXCONTRACTOR. c. An (4) The audit report must be completed and posted in PDF format on WebGrants sent to the CITY's Office of Economic Development, work2future Division, within six months one hundred fifty (150) days of the end of each of the GRANTEECONTRACTOR's Fiscal Years covered by this AGREEMENT. Acceptable forms (i) an original, bound copy signed by the certified public accountant responsible for the work, OR (ii) a protected document file format (.pdf) emailed from the CONTRACTOR’s certified public accountant. If this AGREEMENT expires or is terminated on a date that occurs after the period covered by the foregoing audit, GRANTEE CONTRACTOR shall deliver an audit report within two hundred and fifty (250) days after the expiration or termination of this AGREEMENT auditing the period not covered by the prior audit. d. (5) Should GRANTEE CONTRACTOR not enter into an agreement with an outside auditor or should an audit not be done on a timely basis, the CityCITY, at its discretion, may enter into an agreement with an independent auditor to do the audit at GRANTEECONTRACTOR’s expense. e. (6) The GRANTEE CONTRACTOR shall submit to the City CITY copies of management letters the auditor prepares for the GRANTEE CONTRACTOR as part of the audit engagement. f. (7) All audits must be performed by Certified Public Accountants currently certified and licensed to practice in the State of California. GRANTEE CONTRACTOR must have Auditor’s proof of current licensing on file in GRANTEECONTRACTOR’s office. GRANTEE CONTRACTOR must submit to the CITY's Office of Economic Development, work2future Division, a copy of Auditor’s certification to practice in California with the audit.

Independent Audit Reports. a. If GRANTEE CONTRACTOR expends $750,000 or more in a year in Federal funds, GRANTEE CONTRACTOR shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in XXXXXXXCONTRACTOR’s budget in an amount equal to City’s fair share of the GRANTEECONTRACTOR’s cost of an A-133 independent audit, if required. a. The audit report shall ascertain and determine that no services provided by the GRANTEE CONTRACTOR under this AGREEMENT are duplicative of services provided to another agency from which GRANTEE CONTRACTOR receives funding and are not being reimbursed from funding received from another agency. b. GRANTEE CONTRACTOR shall enter into an agreement with an outside auditor no later than sixty (60) days before the end of each Fiscal Year calling for the financial and compliance audit of GRANTEECONTRACTOR’s Fiscal Years that are covered by this Agreement. The written agreement may be in the form of an engagement letter prepared by the auditor and approved by XXXXXXXCONTRACTOR. c. An audit report must be completed and posted in PDF format on WebGrants within six months of the end of each of the GRANTEECONTRACTOR's Fiscal Years covered by this AGREEMENT. If this AGREEMENT expires or is terminated on a date that occurs after the period covered by the foregoing audit, GRANTEE CONTRACTOR shall deliver an audit report within two hundred and fifty (250) days after the expiration or termination of this AGREEMENT auditing the period not covered by the prior audit. d. Should GRANTEE CONTRACTOR not enter into an agreement with an outside auditor or should an audit not be done on a timely basis, the City, at its discretion, may enter into an agreement with an independent auditor to do the audit at GRANTEECONTRACTOR’s expense. e. The GRANTEE CONTRACTOR shall submit to the City copies of management letters the auditor prepares for the GRANTEE CONTRACTOR as part of the audit engagement. f. All audits must be performed by Certified Public Accountants currently certified and licensed to practice in the State of California. GRANTEE CONTRACTOR must have Auditor’s proof of current licensing on file in GRANTEECONTRACTOR’s office. GRANTEE CONTRACTOR must submit to the CITY, a copy of Auditor’s certification to practice in California with the audit.

Independent Audit Reports. a. If GRANTEE expends $750,000 or more in a year in Federal funds, GRANTEE shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Non- Profit Institutions. Funds may be set aside in XXXXXXX’s budget in an amount equal to City’s fair share of the GRANTEE’s cost of an A-133 independent audit, if required. a. The audit report shall ascertain and determine that no services provided by the GRANTEE under this AGREEMENT are duplicative of services provided to another agency from which GRANTEE receives funding and are not being reimbursed from funding received from another agency. b. GRANTEE shall enter into an agreement with an outside auditor no later than sixty (60) days before the end of each Fiscal Year calling for the financial and compliance audit of GRANTEE’s Fiscal Years that are covered by this Agreement. The written agreement may be in the form of an engagement letter prepared by the auditor and approved by XXXXXXX. c. An audit report must be completed and posted in PDF format on WebGrants within six months of the end of each of the GRANTEE's Fiscal Years covered by this AGREEMENT. If this AGREEMENT expires or is terminated on a date that occurs after the period covered by the foregoing audit, GRANTEE shall deliver an audit report within two hundred and fifty (250) days after the expiration or termination of this AGREEMENT auditing the period not covered by the prior audit. d. Should GRANTEE not enter into an agreement with an outside auditor or should an audit not be done on a timely basis, the City, at its discretion, may enter into an agreement with an independent auditor to do the audit at GRANTEE’s expense. e. The GRANTEE shall submit to the City copies of management letters the auditor prepares for the GRANTEE as part of the audit engagement. f. All audits must be performed by Certified Public Accountants currently certified and licensed to practice in the State of California. GRANTEE must have Auditor’s proof of current licensing on file in GRANTEE’s office. GRANTEE must submit to the CITY, a copy of Auditor’s certification to practice in California with the audit.

Independent Audit Reports. a. If GRANTEE expends $750,000 or more in a year in Federal funds, GRANTEE shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions2 CFR Part 200, Subpart F Audit Requirements. Funds may be set aside in XXXXXXX’s budget in an amount equal to City’s fair share of the GRANTEE’s cost of an A-133 2 CFR Part 200, Subpart F compliant, independent audit, if required. a. The audit report shall ascertain and determine that no services provided by the GRANTEE under this AGREEMENT are duplicative of services provided to another agency from which GRANTEE receives funding and are not being reimbursed from funding received from another agency. b. GRANTEE shall enter into an agreement with an outside auditor no later than sixty (60) days before the end of each Fiscal Year calling for the financial and compliance audit of GRANTEE’s Fiscal Years that are covered by this Agreement. The written agreement may be in the form of an engagement letter prepared by the auditor and approved by XXXXXXX. c. An audit report must be completed and posted in PDF format on WebGrants within six months of the end of each of the GRANTEE's Fiscal Years covered by this AGREEMENT. If this AGREEMENT expires or is terminated on a date that occurs after the period covered by the foregoing audit, GRANTEE shall deliver an audit report within two hundred and fifty (250) days after the expiration or termination of this AGREEMENT auditing the period not covered by the prior audit. d. Should GRANTEE not enter into an agreement with an outside auditor or should an audit not be done on a timely basis, the City, at its discretion, may enter into an agreement with an independent auditor to do the audit at GRANTEE’s expense. e. The GRANTEE shall submit to the City copies of management letters the auditor prepares for the GRANTEE as part of the audit engagement. f. All audits must be performed by Certified Public Accountants currently certified and licensed to practice in the State of California. GRANTEE must have Auditor’s proof of current licensing on file in GRANTEE’s office. GRANTEE must submit to the CITY, a copy of Auditor’s certification to practice in California with the audit.