Subsequent Audit Clause Samples
The "Subsequent Audit" clause establishes the right for a party, typically the client or a regulatory body, to conduct additional audits of the other party’s records or operations after an initial audit has taken place. This clause often specifies the conditions under which such follow-up audits may occur, such as within a certain timeframe or in response to findings from the initial audit, and may outline the scope and notice requirements for these audits. Its core practical function is to ensure ongoing compliance and accountability, allowing issues identified in the first audit to be revisited and verified, thereby reducing the risk of unresolved non-compliance or misrepresentation.
Subsequent Audit a. If this Agreement is terminated without inspection, review or audit, MART retains the right to conduct an inspection, review, or audit and to disallow reimbursement and/or recover funds if any finding warrants such action.
Subsequent Audit a. If the Permitted Entity is subject to regulatory enforcement and oversight actions under section 505(a)(1)-(7) of GLBA and has no Type I or Type II noncompliance violations as defined in section IX A, below, in the most recent audit, will be subject to an audit once every 5 years after the first audit;
b. If the Permitted Entity is not subject to regulatory enforcement or oversight actions under section 505(a)(1)-(7) of GLBA, or has any Type I or Type II noncompliance violations, will be subject to an audit every year;
c. The Permitted Entity and the Financial Institutions it services, if any, are subject to audits at SSA’s discretion at any time.
Subsequent Audit. If a Contract is terminated without inspection, review or audit, the Commonwealth retains the right to conduct an inspection, review, or audit and to disallow reimbursement or recover funds if any finding warrants such action.
Subsequent Audit. If this Agreement is terminated without inspection, review or audit, MART retains the right to conduct an inspection, review or audit and to disallow reimbursement and/or recover funds if any finding warrants such action. ATTACHMENT F SIGNATURE PAGE TERMINATION OF AGREEMENT I have read, fully understand and accept the aforementioned Termination Clauses. Signed under the pains and penalties of perjury on this date: