Common use of OMB AUDIT Clause in Contracts

OMB AUDIT. If the City expend(s) five hundred thousand ($500,000) or more in a year in federal finance 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 the Missouri Department of Transportation (MoDOT) within thirty (30) days of the issuance of the report. Subject to the requirements of OMB Circular A-133, if the City expend(s) less than five hundred thousands dollars ($500,000) a year, the City 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 City/County/Grantee expend(s) five hundred thousand ($500,000) or more in a year in federal finance 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 the Missouri Department of Transportation (MoDOT) within thirty (30) days of the issuance of the report. Subject to the requirements of OMB Circular A-133, if the City City/County/Grantee expend(s) less than five hundred thousands thousand dollars ($500,000) a year, the City 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.