Independent Audits. The Department staff shall review annual independent audits for adherence to generally accepted auditing principles and to the Department’s audit instructions. Incomplete or incorrect audits may be returned to the Grantee for correction.
Independent Audits. (1) If required by CITY’s Grant Manager, GRANTEE shall submit an agency audit that conforms to generally accepted auditing standards and that includes the following components:
A. Balance Sheet or Statement of Financial Position;
B. Statement of Support, Revenue and Expenses and Changes in Fund Balances or Statement of Activities;
C. Statement of Functional Expenses;
D. Independent Auditor’s Report. If the audit includes a Management Letter, this must also be submitted to the CITY.
E. Schedule of Government Financial Assistance which identifies the gross amounts of grants obtained from the CITY and other governmental sources and shows the amount received and disbursed under each grant during the audited fiscal year; and
F. Report on Compliance and on Internal Control over Financial Reporting based on an Audit of Financial Statements performed in Accordance with Government Auditing Standards indicating that a review of internal controls was performed and identifying material weaknesses and/or reportable conditions, if any. Funds may be set aside in XXXXXXX's budget in an amount equal to CITY's fair share of the GRANTEE's cost of the audit, if required.
(2) If GRANTEE expends $750,000 or more in a year in Federal awards, 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.
(3) The GRANTEE’s contract with its independent auditor shall require that the audit ascertains and determines 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.
(4) GRANTEE shall also submit a written agency management response to the findings of the Internal Control Report, if required.
(5) GRANTEE shall obtain three (3) bids for an outside auditor to conduct the agency audit. The AGREEMENT with an outside auditor can span a term of multiple years but it is highly recommended that the GRANTEE rotate independent auditors every three (3) years.
(6) 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 a financial and compliance audit of GRANTEE's Fiscal Years that are covered by this AGREEMENT. The written AGREEMENT may ...
Independent Audits. The Contractor must submit copies of all certified financial statements and a QARR validation audit by independent auditors of their plan to the SDOH and the LDSS within thirty (30) days of receipt by the Contractor.
Independent Audits. GRANTEE shall perform an independent fiscal and compliance audit at least annually, in conformance with the accounting standards and principles described in Paragraph 4(a)(5) below. Such audits must identify the funds received and disbursed relating to this Agreement. The costs for such audits shall be at GRANTEE's expense, unless otherwise provided for in this Agreement. The following provisions apply to the completion of the independent audit required by this Section 1.02(B)(4):
(1) Funds will be set aside in GRANTEE’s budget for the independent audit. A separate line item will be established.
(2) GRANTEE shall enter into an agreement with an independent public accountant certified to practice in the State of California no later than sixty (60) days before the end of this Agreement to perform audit of GRANTEE’s fiscal year which ends concurrently with or immediately after the end of this Agreement.
(3) The audit must be completed and sent to CITY's Housing Department staff within the later of one hundred fifty (150) days of the end of this Agreement or ninety (90) days after the end of GRANTEE's fiscal year.
(4) Should GRANTEE not enter into the agreement with an independent public accountant certified to practice in the State of California, or should an audit not be done on a timely basis, CITY, at its sole discretion, may enter into an agreement with an independent public accountant certified to practice in the State of California to perform the audit and utilize GRANTEE’s set-aside funds for the audit.
(5) The independent fiscal audit shall conform to generally accepted governmental auditing principals and, when applicable, Office of Management and Budget Circular A-102, “Attachment P, Audit Requirements.” Such audits shall identify the funds received and disbursed under this Agreement.
(6) For grantees that expend $500,000 or more of Federal financial assistance in a fiscal year, in addition to conducting normal financial audit procedures, the GRANTEE’s independent public accountant certified to practice in the State of California shall perform tests to ascertain that:
(i) Expenditures submitted for reimbursement are allowable under OMB Circular A-87;
(ii) Expenditures are in compliance with the grant agreements between the CITY and GRANTEE; and
(iii) Applicable laws and regulations. Further, the independent public accountant certified to practice in the State of California shall render an opinion as to whether the Expenditures complied with the Sing...
Independent Audits. If, as a result of an audit, Lessor determines that additional monies are due to Lessor, Lessee shall be notified of Lessor's findings and invoiced for the total amounts due. Within thirty (30) days of the notice and invoice from Lessor, Lessee shall do one of the following:
(1) notify Lessor in writing that Lessee agrees with Lessor’s audit findings and pay all monies due to Lessor; or (2) dispute the audit findings, in writing. Failure of Lessee to dispute the audit findings, in writing, within thirty (30) days of receiving the notice and invoice, shall constitute acceptance of the findings and waiver of the right to appeal the findings. If Lessee elects to dispute the audit findings, it shall, within ninety (90) days after providing notice to Lessor of the dispute, furnish to Lessor, at Lessee’s expense, an audit made by an independent CPA mutually agreeable to both parties. If Lessee elects to request an independent audit under this Section, and if that audit results in a finding that there is a deficiency of two percent (2%) or more of the amount payable to Lessor, then Lessee agrees to pay Lessor for the cost of Lessor’s audit and for all deficiencies and delinquent fees. Interest shall accrue from the date the delinquent payment was due under the Lease in accordance with Section 3.7.
Independent Audits. 5.6.2 Delete the following from the second paragraph:
Independent Audits. (a) Funds will be set aside in each agency's budget just for an independent audit. A separate line item will be established.
(b) GRANTEE shall enter into an agreement with an independent public accountant certified to practice in the State of California no later than sixty (60) days before the end of this Agreement calling for an audit to be done for the entire year. The audit must be in conformance with the applicable funding source.
(c) The audit must be completed and sent to CITY's Department of Housing staff within the later of one hundred fifty (150) days of the end of this Agreement or ninety (90) days after the end of GRANTEE’s fiscal year.
Independent Audits. Assist in the coordination of the Company audit process and provide, upon request, account analysis, fiscal year summaries, and other audit-related schedules. In connection with this responsibility, the Sub-Administrator shall take all actions to assure that necessary information is made available to the Company's independent auditor for the expression of its opinion, as such may be required by the Company from time to time. The Sub-Administrator also shall assist and participate in the resolution of issues raised in the audit process.
Independent Audits. Assist in the coordination of the Fund audit process and provide, upon request, account analyses, fiscal year summaries, and other audit-related schedules. In connection with this responsibility, the Sub-Administrator shall take all actions to assure that necessary information is made available to the Fund's independent auditor for the expression of their opinion, as such may be required by the Fund from time to time. The Sub-Administrator also shall assist and participate in the resolution of issues raised in the audit process.
Independent Audits. Consistent with Paragraph 76 of the Settlement Agreement, once every year, or in such other intervals as determined in accordance with Paragraph 76 of the Settlement Agreement, an independent certified public accountant selected by the United States in consultation with the States and Tribe shall conduct a financial audit of the assets, liabilities and accounting procedures of the Environmental Response Trust. The accountant will provide a written report of the financial audit to the Governments and the Environmental Response Trust Administrative Trustee within fifteen days of completing the financial audit. The Administrative Trustee shall make all books and records available to the accountant for inspection and pay the accountant’s fees and expenses for conducting such audit, which shall not exceed $250,000 per audit from the Administrative Funding Account. The same accountant shall not conduct more than three consecutive audits.
