Audit A Sample Clauses
The 'Audit A' clause establishes the right for one party to review and examine the records, accounts, or operations of the other party to ensure compliance with the terms of the agreement. Typically, this clause allows for periodic or on-demand inspections, often requiring advance notice and sometimes specifying the scope or frequency of audits. Its core practical function is to provide transparency and accountability, helping to detect errors, misrepresentations, or breaches, and thereby safeguarding the interests of the auditing party.
Audit A. The Contractor shall ensure that the single audit reports meet OMB Circular A-133 requirements: 1. Performed timely – not less frequently than annually and a report submitted timely. The audit is required to be submitted within 30 days after receipt of the auditor’s report or nine months after the end of the audit period, whichever occurs first. 2. Property procured – use procurement standards provided for in OMB Circular A-133 and provide maximum opportunities to small and minority audit firms. 3. Performed in accordance with General Accepted Government Auditing Standards – shall be performed by an independent auditor and be organization-wide.
Audit A. BCBSM or its agent may, upon prior notification, perform audits at reasonable times. B. Audits include standard BCBSM review of medical, billing, and financial records related to Covered Services and services provided under this Program and other BCBSM programs. C. Audits will be conducted pursuant to BCBSM's standard business practices.