Independent Audit Requirements. 8.38.4.1 Title 45 Code of Federal Regulations Part 75.500 et seq. and Title 2 Code of Federal Regulations Part 200.500 et seq. requires that organizations which expend seven hundred fifty thousand dollars ($750,000) or more in a year in Federal awards, including pass-through awards, shall obtain an annual single audit. When Subrecipient's organization meets this requirement (as specified in Title 45 Code of Federal Regulations Part 75.500 et seq. and Title 2 Code of Federal Regulations Part 200.500 et seq.), Subrecipient shall ensure that such audit shall be conducted by an independent auditor in accordance with the requirements outlined in Title 45 Code of Federal Regulations Part 75.500 et seq. and Title 2 Code of Federal Regulations Part 200.500 et seq. (and any amendments or supplements thereto). Subrecipient shall submit an audit engagement letter as confirmation of the audit to be conducted by the independent auditor and such letter shall be submitted to County's Compliance Manager in the time and manner as directed by County. Upon auditor's completion of the single audit, Subrecipient shall obtain both the data collection form and the reporting package (i.e., auditor's report), as described in Title 45 Code of Federal Regulations Part 75.500 et seq. and Title 2 Code of Federal Regulations Part 200.500 et seq., from the auditor for each audit period (i.e., each Fiscal Year or Program Year). Subrecipient shall submit a copy of the auditor's report to County's Compliance Manager within thirty (30) days after receipt of auditor's report but no later than nine (9) months following the end of the audit period.
Independent Audit Requirements. 8.38.4.1 Title 2 Code of Federal Regulations Part 200.500 et seq. requires that organizations which expend seven hundred fifty thousand dollars ($750,000) or more in a year in Federal awards, including pass-through awards, shall obtain an annual audit (either a single audit or Program-specific audit). When Subrecipient's organization meets this requirement (as specified in Title 2 Code of Federal Regulations Part 200.500 et seq.), Subrecipient shall ensure that such audit shall be conducted by an independent auditor in accordance with the requirements outlined in Title 2 Code of Federal Regulations Part 200.500 et seq. (and any amendments or supplements thereto). Subrecipient shall submit an audit engagement letter as confirmation of the audit to be conducted by the independent auditor and such letter shall be submitted to County's Compliance Manager in the time and manner as directed by County. Upon auditor's completion of the single audit or the Program-specific audit, Subrecipient shall obtain both the data collection form and the reporting package (i.e., auditor's report), as described in Title 2 Code of Federal Regulations Part 200.500 et seq., from the auditor for each audit period (i.e., each Fiscal Year or Program Year). Subrecipient shall submit a copy of the auditor's report to County's Compliance Manager within thirty (30) days after receipt of auditor's report but no later than nine (9) months following the end of the audit period.
Independent Audit Requirements. 8.38.4.1 Title 2 Code of Federal Regulations Part 200.500 et seq. requires that organizations which expend $750,000 or more in a year in Federal awards, including pass-through awards, shall obtain an annual audit (either a single audit or a Program-specific audit). When Subrecipient's organization meets this requirement (as specified in Title 2 Code of Federal Regulations Part 200.500 et seq.), Subrecipient shall ensure that such audit shall be conducted by an independent auditor in accordance with the requirements outlined in Title 2 Code of Federal Regulations Part 200.500 et seq. (and any amendments or supplements thereto). Subrecipient shall submit an audit engagement letter as confirmation of the audit to be conducted by the independent auditor and such letter shall be submitted to County's Compliance Manager in the time and manner as directed by County. Upon auditor's completion of the single audit, Subrecipient shall obtain both the data collection form and the reporting package (i.e., auditor's report), as described in Title 2 Code of Federal Regulations Part 200.500 et seq., from the auditor for each audit period (i.e., each Fiscal Year or Program Year). Subrecipient shall submit a copy of the auditor's report to County's Compliance Manager within thirty (30) days after receipt of auditor's report but no later than nine (9) months following the end of the audit period.
Independent Audit Requirements. (a) The auditor shall decide what processes it will use to review, verify and confirm the information, processes and policies disclosed by the Contractor to the Government. The audit shall include a process for the contractor to review audit findings and provide a response to the auditor, which shall be included in the final audit submitted to the CMS Contracting Officer.
(b) The audit shall confirm that any and all COI mitigation plans, approved by the Government, have been implemented and are functioning as anticipated. Although not all inclusive, the auditor may also want to consider the following:
(i) Review of all COI disclosures submitted to the Government to validate the accuracy and completeness of such disclosures;
(ii) Conducting appropriate interviews with principals, key personnel and independent members of the board of directors, as appropriate;
(iii) Reviewing the Contractor’s organizational chart(s), articles of incorporation, bylaws and/or other documents, to validate the accuracy and completeness of COI disclosures to the Government;
(iv) Confirming that the Contractor annually, at a minimum, collects and reviews for assessment and appropriate action by the Compliance Officer, personal conflict information from its principals, key personnel (on the relevant contract(s)) and board of director members;
(v) Confirming whether the Contractor is in compliance with its internal Contractor Conflict of Interest Oversight program(s); and,
(vi) For its Subcontractors, confirming whether the prime Contractor is monitoring Subcontractor compliance with the required contract flow-down provisions and disclosed practices, in accordance with contract H.1. The auditor may review other information as it deems appropriate to ensure that COI issues have been identified and resolved, in accordance with Contractor disclosures.
(vii) The auditor will also examine the Contractor’s records to verify that all of the requirements specified in FAR 52.203- 13(c)(2)(ii), Contractor Code of Business Ethics and Conduct, are met.
Independent Audit Requirements. 8.38.6.1 OMB Circular A-133 requires that organizations receiving Federal awards, including pass-through awards, have annual audits, which shall be performed by an independent auditor. Contractor shall adhere to the requirements contained in OMB Circular A-133 as well as the following:
8.38.6.1.1 Contractor shall obtain a Single Audit Report (or Program Audit Report, as appropriate) for each Fiscal Year.
8.38.6.1.2 Contractor shall forward its Single Audit Report to County's Compliance Manager at the end of each Fiscal Year.
8.38.6.1.3 The Single Audit Report shall include, but is not limited to: copies of audited financial statement(s), Schedule of Expenditures of Federal Awards, copies of auditor's concerns and informal findings, contained in the Summary of Accounting Internal Control Systems, copies of the Auditor's Report on Compliance and if prepared, copies of the Auditor's Management Letter within thirty (30) days of issuance of the documents.
Independent Audit Requirements. A. FIRM shall have an annual independent fiscal audit conducted of its financial statement and condition, regarding the performance of the Agreement, readily delineating ARP/SLFRF funds.
1. FIRM shall submit its audit report, including any “Management Letter” and/or all other correspondences referred to in the audit report, along with FIRM’s response to the audit and a corrective action plan, if any, no later than six (6) months after the end of FIRM’s fiscal year. FIRM hereby consents to COUNTY’s receipt and review of the independent auditor’s working papers, upon request by the COUNTY.
2. Failure to engage auditors and provide proof of such engagement shall be considered contractual non-performance and may result in corrective action and withholding of payment.
3. If, under separate agreement, FIRM is required to provide a 2 CFR Part 200 annual audit, which, at a minimum, meets the requirements of this AGREEMENT, then compliance with the other separate agreement will also serve as compliance with the Agreement, provided that said audit is provided to the COUNTY.
Independent Audit Requirements. (i) Servicer has and will during the term of this Servicing Agreement undergo (A) an annual data security assessment and (B) annual SOC I Type II audits. Servicer agrees to provide Lender within thirty (30) Business Days of the Execution Date, and subsequently within ten (10) Business Days of receipt from its auditor, a complete copy of (A) the most recent annual data security assessment, and (B) the then current SOC I Type II report.
(ii) As of a date on or before April 30, 2018, Servicer, at its expense, agrees to undergo an SSAE 16 SOC II Type I audit. Servicer shall deliver each SSAE 16 SOC II Type I audit to Lender within ten (10) Business Days of Servicer’s receipt thereof.
(iii) Servicer, at its expense, agrees to undergo annual SSAE 16 SOC II Type II audits and to deliver to Lender a SSAE 16 SOC II Type II audit covering May 1, 2018 to October 31, 2018, and annually thereafter for the term of this Servicing Agreement, within ten (10) Business Days of Servicer’s receipt thereof.
Independent Audit Requirements. 8.37.4.1 County and Contractor acknowledge that this Master Agreement is funded with State, County and/or local monies (i.e., there are no Federal monies provided for this Master Agreement). Notwithstanding this acknowledgement, County and Contractor agree that the requirements for expenditures made by Contractor in the operation of this Master Agreement shall be in compliance and in conformity with Title 2 Code of Federal Regulations Part 200.500 et seq. To this end, when Contractor expends Master Agreement Sums totalling $750,000 or more in a year, Contractor shall obtain an annual Program-specific audit. Such audit shall be conducted by an independent auditor in accordance with the requirements outlined in Title 2 Code of Federal Regulations Part 200.500 et seq. (and any amendments or supplements thereto). Contractor shall submit an audit engagement letter as confirmation of the audit to be conducted by the independent auditor and such letter shall be submitted to County's Compliance Manager in the time and manner as directed by County. Upon auditor's completion of the Program-specific audit, Contractor shall obtain both the data collection form and the reporting package (i.e., auditor's report), as described in Title 2 Code of Federal Regulations Part 200.500 et seq., from the auditor for each audit period (i.e., each Fiscal Year or Program Year). Contractor shall submit a copy of the auditor's report to County's Compliance Manager within thirty
Independent Audit Requirements. 8.38.4.1 County and Subrecipient acknowledge that this Subaward is funded with State, County and/or local monies (i.e., there are no Federal monies provided for this Subaward). Notwithstanding this acknowledgement, County and Subrecipient agree that the requirements for expenditures made by Subrecipient in the operation of this Subaward shall be in compliance and in conformity with Title 2 Code of Federal Regulations Part 200.500 et seq. To this end, when Subrecipient expends Subaward Sums totalling seven hundred fifty thousand dollars ($750,000) or more in a year, Subrecipient shall obtain an annual Program-specific audit. Such audit shall be conducted by an independent auditor in accordance with the requirements outlined in Title 2 Code of Federal Regulations Part 200.500 et seq. (and any amendments or supplements thereto). Subrecipient shall submit an audit engagement letter as confirmation of the audit to be conducted by the independent auditor and such letter shall be submitted to County's Compliance Manager in the time and manner as directed by County. Upon auditor's completion of the Program-specific audit, Subrecipient shall obtain both the data collection form and the reporting package (i.e., auditor's report), as described in Title 2 Code of Federal Regulations Part 200.500 et seq., from the auditor for each audit period (i.e., each Fiscal Year or Program Year). Subrecipient shall submit a copy of the auditor's report to County's Compliance Manager within thirty
Independent Audit Requirements. 8.38.4.1 Federal Register, Volume 78, Number 248, Part III, Office of Management and Budget, (2 CFR 200.500 et seq.) requires that organizations which expend $750,000 or more in a year in Federal awards, including pass-through awards, shall obtain an annual audit (either a single audit or a Program-specific audit). When Contractor's organization meets this requirement (as specified in 2 CFR 200.500 et seq.), Contractor shall ensure that such audit shall be conducted by an independent auditor in accordance with the requirements outlined in 2 CFR 200.500 et. seq. (and any amendments or supplements thereto). Contractor shall submit an audit engagement letter as confirmation of the audit to be conducted by the independent auditor and such letter shall be submitted to County's Contract Project Monitor in the time and manner as directed by County. Upon auditor's completion of the single audit or the Program-specific audit, Contractor shall obtain both the data collection form and the reporting package (i.e., auditor's report), as described in 2 CFR 200.500 et seq., from the auditor for each audit period (i.e., each Fiscal Year or Program Year). Contractor shall submit a copy of the auditor's report to County's Contract Project Monitor within thirty (30) days after receipt of auditor's report but no later than nine (9) months following the end of the audit period.
