Common use of OMB AUDIT Clause in Contracts

OMB AUDIT. If the (City/County/Grantee) expend(s) five hundred thousand dollars ($500,000) or more in a year in federal financial assistance it is required to have an independent annual audit conducted in accordance with OMB Circular A-133. A copy of the audit report shall be submitted to MoDOT within the earlier of thirty (30) days after receipt of the auditor's report(s), or nine (9) months after the end of the audit period. Subject to the requirements of OMB Circular A-133, if the (City/County/Grantee) expend(s) less than five hundred thousand dollars ($500,000) a year, the (City/County/Grantee) may be exempt from auditing requirements for that year but records must be available for review or audit by applicable state and federal authorities.

OMB AUDIT. If the (City/County/Grantee) expend(s) five seven hundred fifty thousand dollars ($500,000750,000) or more in a year in federal financial assistance it is required to have an independent annual audit conducted in accordance with OMB Circular A-1332 CFR Part 200. A copy of the audit report shall be submitted to MoDOT within the earlier of thirty (30) days after receipt of the auditor's report(s), or nine (9) months after the end of the audit period. Subject to the requirements of OMB Circular A-1332 CFR Part 200, if the (City/County/Grantee) expend(s) less than five seven hundred fifty thousand dollars ($500,000750,000) a year, the (City/County/Grantee) may be exempt from auditing requirements for that year but records must be available for review or audit by applicable state and federal authorities.

OMB AUDIT. If the (City/County/GranteeCity) expend(s) five hundred thousand dollars ($500,000) or more in a year in federal financial assistance it is required to have an independent annual audit conducted in accordance with OMB Circular A-133. A copy of the audit report shall be submitted to MoDOT within the earlier of thirty (30) days after receipt of the auditor's report(s), or nine (9) months after the end of the audit period. Subject to the requirements of OMB Circular A-133, if the (City/County/GranteeCity) expend(s) less than five hundred thousand dollars ($500,000) a year, the (City/County/GranteeCity) may be exempt from auditing requirements for that year but records must be available for review or audit by applicable state and federal authorities.

OMB AUDIT. If the (City/County/Grantee) expend(s) five seven hundred fifty thousand dollars ($500,000750,000) or more in a year in federal financial assistance it is required to have an independent annual audit conducted in accordance with OMB Circular A-1332 CFR Part 200. A copy of the audit report shall be submitted to MoDOT within the earlier of thirty (30) days after receipt of the auditor's report(s), or nine (9) months after the end of the audit period. Subject to the requirements of OMB Circular A-1332 CFR Part 200, if the (City/County/Grantee) expend(s) less than five seven hundred fifty thousand dollars ($500,000750,000) a year, the (City/County/Grantee) may be exempt from auditing requirements for that year but records must be available for review or audit by applicable state and federal authorities.