Single Audit Requirement. If the Grantee receives $750,000 or more per year total of all Federal assistance from all sources including Federal funds under this Agreement, it shall be required to have an independent annual single audit done in accordance with 2 C.F.R. Part 200, “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.” A copy of the audit report shall be submitted to the Missouri Department of Transportation (MoDOT) within 30 days of the issuance of the report. Subject to the requirements of 2 C.F.R. Part 200, if the Grantee obtains less than $750,000, the Grantee may be exempt from 2 C.F.R. Part 200 auditing requirements, but records must be available for review by applicable State and Federal authorities in accordance with Paragraph (5). The Commission reserves the right to audit expenditures under this Agreement independently in a separate report.
Single Audit Requirement. Pursuant to CFR, Title II, Subtitle A, Chapter II, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Contractors expending the threshold amount or more in Federal funds within the Contractor’s fiscal year must have a single or program-specific audit performed in accordance with Subpart F, Audit Requirements. The audit shall comply with the following requirements:
A. The audit shall be performed by a licensed Certified Public Accountant (CPA).
B. The audit shall be conducted in accordance with generally accepted auditing standards and Government Auditing Standards, latest revision, issued by the Comptroller General of the United States.
C. At the completion of the audit, the Contractor must prepare, in a separate document from the auditor's findings, a corrective action plan to address each audit finding included in the auditor's report(s). The corrective action plan must provide the name(s) of the contact person(s) responsible for corrective action, the corrective action planned, and the anticipated completion date. If Contractor does not agree with the audit findings or believes corrective action is not required, then the corrective action plan must include an explanation and specific reasons.
D. Contractor is responsible for follow-up on all audit findings. As part of this responsibility, the Contractor must prepare a summary schedule of prior audit findings. The summary schedule of prior audit findings must report the status of all audit findings included in the prior audit's schedule of findings and questioned costs. When audit findings were fully corrected, the summary schedule need only list the audit findings and state that corrective action was taken.
E. Contractor must electronically submit within thirty (30) calendar days after receipt of the auditor’s report(s), but no later than nine (9) months following the end of the Contractor’s fiscal year, to the Federal Audit Clearinghouse (FAC) the Data Collection Form SF-SAC (available on the FAC Web site) and the reporting package which must include the following:
1. Financial statements and schedule of expenditures of Federal awards
2. Summary schedule of prior audit findings
3. Auditor's report(s)
4. Corrective action plan Contractor must keep one copy of the data collection form and one copy of the reporting package described above on file for ten (10) years from the date of submission to the FAC or from the date of completion of any audit, wh...
Single Audit Requirement. The Contractor shall retain a licensed certified public accountant, who will prepare an annual Single Audit as required by 31 USC 7501 – 7507, as well as its implementing regulations under 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. CONTRACTOR shall forward the Single Audit to ADMINISTRATOR within fourteen (14) calendar days of receipt. Certification for Contracts, Grants, Loans, and Cooperative Agreements The undersigned certifies, to the best of his or her knowledge and belief, that:
Single Audit Requirement. As further set forth in the Fiscal Addendum, the Tribe agrees to provide for an independent certified public accountant audit of applicable federal funds in accor- dance with OMB Circular A-133, and provide a copy of such audit to CDSS.
Single Audit Requirement. Grantee shall have a certified annual audit performed utilizing Generally Accepted Accounting Principles and Generally Accepted Auditing Standards. Grantees which received state funds during their fiscal year shall comply with the requirements set forth in the State Single Audit Guidelines issued by the Department. Audit reports are due to the State within the earlier of 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period. Please review the Department of Administration’s Single Audit Compliance Supplement for details on submission of the reporting package (xxxxx://xxx.xx.xxx/Pages/StateFinances/State-Single-Audit-Guidelines.aspx).
Single Audit Requirement. 11 The Contractor shall retain a licensed certified public accountant, who will prepare an annual Single 12 Audit as required by 31 USC 7501 – 7507, as well as its implementing regulations under 2 CFR Part 13 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal 14 Awards. CONTRACTOR shall forward the Single Audit to ADMINISTRATOR within fourteen (14) 15 calendar days of receipt 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 32 33 34 35 36 37
Single Audit Requirement. 11 The Contractor shall retain a licensed certified public accountant, who will prepare an annual Single 12 Audit as required by 31 USC 7501 – 7507, as well as its implementing regulations under 2 CFR Part 13 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal 14 Awards. CONTRACTOR shall forward the Single Audit to ADMINISTRATOR within fourteen (14) 15 calendar days of receipt. 16
Single Audit Requirement. If CONTRACTOR expends more than $750,000.00 in federal awards (according to Section 200.501 of OMB Super Circular) during the fiscal year, it must obtain a single audit (or program- specific audit when administering only one federal program) in accordance with CFR 45, Part 96.31; the Single Audit Act Amendments of 1996 (31USC 7501-7507); and updated OMB Super Circular. The audit must be performed by an independent auditor, in accordance with Generally Accepted Government Auditing Standards (GAGAS). The applicable reporting package described below must be submitted to the CMHSP ninety (90) days of the close of the fiscal year. If CONTRACTOR is subject to Single Audit (even if federal funding received from, or indirectly from, MDHHS is less than $750,000.00), the reporting package includes:
1. The single audit reporting package described in the Single Audit Act Amendments of 1996 (31USC 7501-7507), including the Corrective Action Plan;
2. Supplemental Audit Schedules A and B; and
3. Management letter, if one is issued and management’s response. If CONTRACTOR is exempt from Single Audit, but spends $750,000.00 or more in total funding from, or indirectly from, MDHHS in state and federal grant funding, the reporting package includes:
1. The financial statement audit prepared in accordance with GAGAS;
2. Supplemental Audit Schedules A and B; and
3. Management letter, if one is issued and management’s response. If CONTRACTOR is exempt from Single Audit, and spends less than $750,000.00 in total funding from MDHHS in state and federal grant funding, but a financial statement audit includes disclosures that may negatively impact MDHHS-funded programs, including but not limited to, fraud, ongoing concern uncertainties, and financial statement misstatements, the reporting package includes:
1. The financial statement audit prepared in accordance with GAAS; and
2. Management letter, if one is issued and management’s response. If CONTRACTOR is exempt from Single Audit and spends less than $750,000.00 in total funding from MDHHS in state and federal grant funding, and the financial statement audit does not include any disclosures that may negatively impact MDHHS-funded programs, the reporting package includes:
1. An Audit Status Notification Letter certifying the exemptions. This does not, however, relieve CONTRACTOR of the obligation to obtain an annual financial audit in accordance with Section A of this Article.
Single Audit Requirement. Non-Federal entities that expend $500,000 or more in a year in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments. Upon completion of the audit, Ravalli County shall provide a copy to the COTR who will forward to the WFLHD Acquisition Office, ATTN: Contracting Officer.
Single Audit Requirement. Subrecipients are required to allow the State of Montana (State) access to Subrecipients’ records and financial statements as required under the Uniform Guidance. Subrecipients who receive less than $750,000 in federal funds during the fiscal year are exempt from audit but are required to have records available for review or audit by the State. Subrecipients who expend $750,000 or more in federal funds during its fiscal year are required to have a single audit conducted in accordance with 2 CFR 200.514 or undergo a program-specific audit.
