School Delay in Audit Sample Clauses

School Delay in Audit. If the School’s annual audit is delayed and that delay results in the School and/or the NMPED receiving a “late audit report” finding, the NMPED shall notify the Authorizer and the School with that information once the audit is released publically. The Authorizer may determine that the “late audit report” finding constitutes a violation of this Contract or the Performance Framework indicators and shall provide the School a reasonable opportunity to submit an explanation for the audit finding in addition to its “management response” for the Authorizer’s review The PEC may make an independent determination of whether it considers the School’s “late audit finding” a material violation of this Contract based on the School’s response to the audit finding and take appropriate action including imposition of the sanctions as set forth in XXXX 0000, 22-8-12.1 or as otherwise provided by law.
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School Delay in Audit. If, for causes within the School’s control, and after the Authorizer provides the School with written notice of potential default and an opportunity to timely provide the requested information, the School audit is not completed on or before each year, it shall be considered a material breach of this Contract. The Authorizer shall provide written verification to the auditor and the School that the School caused the late audit and that the delay was within the School’s control.
Sample 1
School Delay in Audit. If, for causes within the School’s control, the School’s annual audit is delayed, and that delay results in the School and/or the NMPED receiving a “late audit report” finding, the NMPED shall notify the Authorizer and the School with that information once the audit is released publically. The Authorizer may determine that the “late audit report” finding constitutes a violation of this Contract or the Performance Framework indicators and shall provide the School with written notice of potential default under this Contract and a reasonable opportunity to timely present the requested information by a date certain. If the School audit is not completed within that time frame,submit an explanation for the audit finding in addition to its “management response” for the Authorizer’s review The PEC may make an independent determination of whether it shall be consideredconsiders the School’s “late audit finding” a material violation of this Contract. The NMPED shall provide written evidence to the auditor and to the School that the School caused the late audit and that the delay was within based on the School’s control.response to the audit finding and take appropriate action including imposition of the sanctions as set forth in XXXX 0000, 22-8-12.1 or as otherwise provided by law. .
Sample 1

Related to School Delay in Audit

  • Audit Notwithstanding any other audit requirement, H-GAC reserves the right to conduct or cause to be conducted an independent audit of any transaction under this Agreement, such audit may be performed by the H-GAC local government audit staff, a certified public accountant firm, or other auditors designated by H-GAC and will be conducted in accordance with applicable professional standards and practices. The Contractor understands and agrees that the Contractor shall be liable to the H-GAC for any findings that result in monetary obligations to H-GAC.

  • Annual Audit If Subrecipient expends Federal funds in a fiscal year which equal or exceed $750,000 (seven hundred fifty thousand dollars) as specified in OMB Circular A-133-Revised, 2 CFR Part 200.500- Subpart F-Audit Requirements Subrecipient shall cause an audit to be prepared by a Certified Public Accountant (CPA) who is a member in good standing with the American Institute of Certified Public Accountants (AICPA) of the California Society of CPA’s. The audit must be performed annually in accordance with Generally Accepted Auditing Standards (GAAS) authorized by the AICPA and Federal laws and regulations governing the programs in which it participates. Furthermore, County retains the authority to require Subrecipient to submit similarly prepared audit at Subrecipient’s expense even in instances when Subrecipient’s expenditure is less than $750,000. Subrecipient will be required to identify corrective action taken in response to any findings identified by CPA related to their funded activity or program. Subrecipient will ensure an annual financial audit is performed in compliance with the Federal Single Audit Act and will submit two (2) copies of such audit report, including a copy of the management letter, to County within six (6) months of the end of each Contract year in which Subrecipient has received federal funding (i.e., July 1 – June 30). Failure to meet this requirement may result in County denying reimbursement of funds to Subrecipient, as well as future funding qualification. Subrecipients, which are exempt from statutory audit requirements, shall maintain records, which are available for review by County or Federal officials. Subrecipient acknowledges that any and all “Financial Statements” submitted to County pursuant to this County become Public Records and are subject to public inspection pursuant to Sec. 6250 et seq. of the California Government.

  • Annual Audits Each fiscal year, the School shall provide for an independent annual financial audit conducted in accordance with Generally Accepted Auditing Standards and Governmental Auditing Standards and performed by a certified public accountant (CPA); provided the Commission may establish an alternative reporting requirement in accordance with State law. The Commission shall provide the guidelines and/or scope of the audit or alternative report and may require minimum CPA qualifications or that the School select from a list of qualified CPAs as provided by the Commission. The School shall provide the completed audit or alternative report to the Commission by November 15 after the conclusion of the fiscal year; provided that the Commission, with reasonable notice to the School, may change the deadline depending on circumstances. The School shall pay for the audit or alternative report if an appropriation is not made by the Legislature for such purpose.

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