Audit Requirement definition

Audit Requirement means the requirement to undertake an audit, or ensure that an audit is undertaken, that is imposed on the Auditee by or under: the conditions of a Licence; the legislative provisions; or the instrument or code made under legislation, specified in Item 4 of Annexure A.
Sample 1
Audit Requirement. NLR shall provide the Consultant with audited consolidated financial statements on an annual basis to be delivered to the Consultant on or before 140 days from NLR's fiscal year end (the "Annual Financial Statements") in addition to financial statements of all affiliated corporations, partnerships and joint ventures (the "Other Financial Statements").
Sample 1
Audit Requirement. An organization that expends $750,000 or more in a fiscal year in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of 45 CFR Part 75. The audit period is an organization’s fiscal year. The audit must be completed along with a data collection form (SF- SAC), and the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine (9) months after the end of the audit period. The audit report must be sent to: Federal Audit Clearing House Internet Data Entry System Electronic Submission: xxxxx://xxxxxxxxx.xxxxxx.xxx/facides/(S(0vkw1zaelyzjibnahocga5i0))/account/login.aspx AND Office of Grants Services, Financial Assessment and Audit Resolution Unit Electronic Copy to: XXX.Xxxxx.Xxxxxxxxxx@xxx.xxx be completed in English and in US dollars, and submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine (9) months after the end of the audit period. The audit report must be sent to: XXX.Xxxxx.Xxxxxxxxxx@xxx.xxx (CDC Office of Grants Services) After receipt of the audit report, CDC will resolve findings by issuing Final Determination Letters. In accordance with 2 CFR Chapter 1, Part 170 Reporting Sub-Award And Executive Compensation Information, Prime Awardees awarded a federal grant are required to file a FFATA sub-award report by the end of the month following the month in which the prime awardee awards any sub-grant equal to or greater than $25,000. Pursuant to 45 CFR Part 75, §75.502, a grant sub-award includes the provision of any commodities (food and non- food) to the sub-recipient where the sub-recipient is required to abide by terms and conditions regarding the use or future administration of those goods. If the sub-awardee merely consumes or utilizes the goods, the commodities are not in and of themselves considered sub-awards.
Sample 1

Examples of Audit Requirement in a sentence

  • Audit CostsCosts for audits not required or performed in accordance with the Office of Management and Budget (OMB) Circular A-133 or 2 CFR Part 200 Subpart F – Audit Requirement are unallowable.

  • On or before the beginning date of this Agreement, SUBRECIPIENT agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to the CITY, a sample form can be obtained from the CITY.

  • Audit Requirement The auditor is responsible for performing tests to document that the auditee’s assertions are being utilized.

  • The Subrecipient will complete the Certification of Audit Requirement annually within 45 days after its fiscal year end.

  • To be considered for award, respondents must adhere to the requirements as set forth by in Part 200 of the Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards contained within this solicitation and provide all other required information and documentation as set forth in this solicitation.

  • The selected respondent shall be bound to specific terms and conditions found in Part 200 of the Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards and Title 10, General Government; Subtitle F, State and Local Contracts and Funds Management; Chapter 2252.

  • Solicitation responses shall be evaluated in accordance with Part 200 of the Uniform Administrative Requirements, Cost Principles, and Audit Requirement and Chapter 2254 of the Texas Government Code.

  • The Contractor shall comply with all applicable laws, ordinances, codes, regulations, and policies of local, state, and federal governments, as now or hereafter amended, including, but not limited to: Contractor shall comply with Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Award, 2 CFR 200, Subpart F – Audit Requirements.

  • LEGAL IMPLICATIONS: The Stocktake is a Financial Regulation and Audit Requirement.

  • Also see the requirements outlined in the Uniform Administrative Requirements, Cost Principles, and Audit Requirement for HHS Awards (45 CFR part 75) - Subrecipient Monitoring and Management (45 CFR § 75.351 and 352) and National Monitoring Standards.


More Definitions of Audit Requirement

Audit Requirement. If an organization expends $750,000 or more in federal awards during the fiscal year a single or program-specific audit is required. • Cost Sharing/Matching – Matching funds must be for reasonable, necessary, allowable and allocable expenses. Program income cannot be used for match. • If the recipient uses subawards it must enter into a documented sub grant or subcontract and describe it in the work and financial plan. • The requirements of the applicable APHIS General Terms and Conditions must be included in the subaward agreement. • Recipients must include subaward activities in all performance and financial reports.
Sample 1

Related to Audit Requirement

  • REIT Requirements has the meaning set forth in Section 5.2.

  • FTR Credit Requirement means the amount of credit that a Participant must provide in order to support the FTR positions that it holds and/or for which it is bidding. The FTR Credit Requirement shall not include months for which the invoicing has already been completed, provided that PJMSettlement shall have up to two Business Days following the date of the invoice completion to make such adjustments in its credit systems. FTR Credit Requirements are calculated and applied separately for each separate customer account.

  • Reporting Requirement By January 31, 2017, the District will provide for OCR’s review and approval the Web Accessibility Policy drafted consistent with Item 1.

  • Default Requirement means the amount specified as being applicable to the Reference Entity in the Standard, or its equivalent in the relevant Obligation Currency (or, if no such amount is specified, USD 10,000,000 or its equivalent in the relevant Obligation Currency) in either case, as of the occurrence of the relevant Credit Event.

  • performance requirement means a requirement that:

  • Payment Requirement means the amount specified as being applicable to the Reference Entity in the Standard or its equivalent in the relevant Obligation Currency (or, if no such amount is specified, USD 1,000,000 or its equivalent in the relevant Obligation Currency) in either case as of the occurrence of the relevant Failure to Pay or Potential Failure to Pay, as applicable.

  • Reporting Requirements As defined in Section 11.15.

  • Audit Report means a report summarising the testing completed and the actions arising following an Audit;

  • Project Requirements means the statement included in the Request for Proposal detailing the technical and other requirements of Canada which are to be met by the successful Bidder, and which are to be addressed in the Bid;

  • Applicable requirement means all of the following as they apply to emission units in a source requiring an air quality operating permit (including requirements that have been promulgated or approved by the Department or the administrator through rule making at the time of issuance of the air quality operating permit, but have future-effective compliance dates, provided that such requirements apply to sources covered under the operating permit):

  • MREL Requirement means the minimum requirement for own funds and eligible liabilities which is or, as the case may be, will be applicable to the Issuer;

  • Bid Submission Requirement means a task a Prospective Contractor must complete when submitting a bid response. These requirements will be distinguished by using the term “shall” or “must” in the requirement.

  • Minimum Requirements means the minimum requirements for available commercial structures. The minimum requirements may be found at this link: https://portlandgeneral.com/energy- choices/renewable-power/green-future-impact The minimum requirements may be updated from time to time to reflect PGE’s criteria from its latest Commission accepted renewable request for proposals.

  • Assessment of Compliance As defined in Section 3.21.

  • Statement of Requirements means a statement issued by the Authority or any Other Contracting Body detailing its Services Requirement issued in accordance with the Ordering Procedure;

  • Performance Requirements The ordering entity reserves the right to inspect and verify that all deliveries are in accordance with specifications, both at the point of delivery and at the point of use. For orders that specify an “authorized party” to receive and inspect deliveries and/or installations, acceptance and inspection procedures must be performed by the” authorized party” to be considered and accepted by the ordering entity. Products inspected at the time of use are subject to refusal and return requirements for issues of quality such as defects in manufacturing and/or workmanship. Products will not be considered accepted by the ordering entity until the installation is complete for the applicable products.

  • Listing Requirements means the Main Market Listing Requirements of Bursa Securities.

  • Compliance Audit means the procedure (in a form advised by the GLA from time to time) by which an auditor independent of the Grant Recipient certifies (at the Grant Recipient's cost) whether the Named Projects developed or Rehabilitated pursuant to this Agreement satisfy the GLA's procedural compliance requirements (as described in the Affordable Housing Capital Funding Guide);

  • Program Requirements means that Partner has to fulfill certain program requirements as described in detail in the applicable SAP PartnerEdge Model and the PartnerEdge Program Guide.

  • Day-ahead Scheduling Reserves Requirement means the sum of Base Day-ahead Scheduling Reserves Requirement and Additional Day-ahead Scheduling Reserves Requirement.

  • Insurance Requirements means, collectively, all provisions of the Insurance Policies, all requirements of the issuer of any of the Insurance Policies and all orders, rules, regulations and any other requirements of the National Board of Fire Underwriters (or any other body exercising similar functions) binding upon each Loan Party which is an owner of Mortgaged Property and applicable to the Mortgaged Property or any use or condition thereof.

  • Rebate Requirement means the amount of arbitrage profits earned from the investment of gross proceeds of Tax-exempt Bonds in nonpurpose investments described in Section 148(f)(2) of the Code and defined as “Rebate Amount” in Section 1.148-3 of the Treasury Regulations, which is payable to the United States at the times and in the amounts specified in such provisions.

  • Certification Requirements means those requirements specified or referenced in this Agreement that you must meet in order to use and maintain the Certification Designation and use the Logo in accordance with the terms of this Agreement.

  • Operational requirements means the need to ensure that the Agency is to be operated as effectively, efficiently and economically as possible.

  • LEGAL COMPLIANCE This Agreement and any transaction with, or payment to, you pursuant to the terms hereof is conditioned on your representation to us that, as of the date of this Agreement you are, and at all times during its effectiveness you will be, a bank as defined in Section 3(a)(6) of the Securities Exchange Act of 1934 (or other financial institution) and not otherwise required to register as a broker or dealer under such Act. You agree to notify us promptly in writing if this representation ceases to be true. You also agree that, regardless of whether you are a member of the NASD, you will comply with the rules of the NASD, including, in particular, Sections 2310, IM 2310-2, and 2830 of the NASD Conduct Rules, and that you will maintain adequate records with respect to your customers and their transactions, and that such transactions will be without recourse against you by your customers. We recognize that, in addition to applicable provisions of state and federal securities laws, you may be subject to the provisions of the Xxxxx-Xxxxxxxx Act and other laws governing, among other things, the conduct of activities by federal and state chartered and supervised financial institutions and their affiliated organizations. As such, you may be restricted in the activities that you may undertake and for which you may be paid, and, therefore, we recognize that you will not perform activities that are inconsistent with your statutory and regulatory obligations. Because you will be the only one having a direct relationship with the customer, you will be responsible in that relationship for insuring compliance with all laws and regulations, including those of all applicable federal and state regulatory authorities and bodies having jurisdiction over you or your customers to the extent applicable to securities purchases hereunder.

  • Maintenance Requirements shall have the meaning set forth in Clause 14.2;