Single Annual Audit Clause Samples
The Single Annual Audit clause establishes that only one formal audit of a party’s records or operations may be conducted each year. In practice, this means that the party subject to audit is not required to accommodate multiple or repeated audits within a twelve-month period, regardless of how many requests are made. This clause helps to minimize operational disruptions and administrative burdens, ensuring that audit rights are exercised in a reasonable and predictable manner.
Single Annual Audit. 10.7.1 A Subrecipient that expends $750,000 or more in a year in federal awards must have a single audit or program-specific audit conducted for that year. The audit must be performed in accordance with 2 C.F.R. § 200(F) Audit Requirements and other applicable federal law. This Agreement must be identified in the Schedule of Federal Financial Assistance in the subject audit. The audit report must be identified as federal funds passed through the City and include the contract number, award amount, contract period, funds received, and funds disbursed.
10.7.2 A complete audit report that covers any portion of the effective dates of this Agreement must be submitted within 30 days after its completion, but no later than nine (9) months after the audit period. In order to be complete, the submitted report must include any management letters issued separately and management's written response to all findings, including audit report and management letter findings. Incomplete audit reports will not be accepted by the City.
10.7.3 Audits must be completed by an Independent Public Accountant (IPA) and according to Generally Accepted Government Auditing Standards (GAGAS). The IPA must be either a Certified Public Accountant or a Licensed Public Accountant. Subrecipient must procure audit activities according to 2 C.F.R. § 200.509 and include clear objectives and scope of the audit in addition to peer review reports to strengthen audit quality and ensure effective use of audit resources.
10.7.4 Subrecipient must promptly follow-up and take appropriate corrective action for any findings on the audit report in instances of noncompliance with federal laws and regulations, including but not limited to preparation of a summary schedule of prior audit findings and a corrective action plan. Subrecipient follow-up to audit findings must abide by requirements in 2 C.F.R. § 200.511.
10.7.5 Subrecipient must make copies available for public inspection and ensure respective parts of the reporting package do not include protected personally identifiable information. Records must be made available upon request for a period of three (3) years from the date the audit report is issued, unless extended in writing by the City. A Subrecipient that expends less than $750,000 in federal awards during a fiscal year is exempt from the audit requirements of 2 C.F.R. § 200(F) for that fiscal year. In this case, written notification, which can be in the form of the “Certification of Audit Exempt...
Single Annual Audit. 10.5.1. BSO must have a single audit or program-specific audit conducted each year. The audit must be performed in accordance with 2 C.F.R. Part 200, Subpart F, “Audit Requirements,” and other applicable federal law. This Agreement must be identified in BSO’s Schedule of Federal Financial Assistance in the subject audit. BSO’s audit report must identify this Agreement and include the contract number, award amount, contract period, funds received, and funds disbursed.
10.5.2. A complete audit report that covers any portion of the effective dates of this Agreement must be submitted to County within 30 days after completion and must be finalized no later than nine (9) months after the audit period. In order to be complete, the submitted audit report to County must include BSO management’s written response to all findings. It must also include management letters, if any, and BSO management’s response to the management letters.
10.5.3. Audits must be completed by an Independent Public Accountant (“IPA”) and according to Generally Accepted Government Auditing Standards. The IPA must be either a Certified Public Accountant or a Licensed Public Accountant. BSO must procure audit activities according to the Part 200 Uniform Guidance and include clear objectives and scope of the audit in addition to peer review reports to strengthen audit quality and ensure effective use of audit resources.
10.5.4. BSO must promptly follow up and take appropriate corrective action for any findings in the audit report in instances of noncompliance with federal laws and regulations, including but not limited to preparation of a summary schedule of prior audit findings and a corrective action plan. BSO’s follow-up audit findings must comply with the requirements in Part 200 Uniform Guidance.
10.5.5. BSO must make copies of the audit available for public inspection and ensure respective parts of the reporting package do not include protected personally identifiable information. The audit and its supporting records must be made available upon request for a period of three (3) years after the date the audit report is issued. County, in its sole discretion, may extend this records retention period.
10.5.6. If this Agreement is closed without an audit, County reserves the right to recover any disallowed costs identified in an audit completed after such closeout.
10.5.7. The Federal Audit Clearinghouse is the repository of record for 2 C.F.R. § 200(F). Audits performed as a result of this re...