Audit Format Clause Samples
The Audit Format clause defines the specific procedures and standards that must be followed when conducting an audit under the agreement. It typically outlines the acceptable methods for requesting, accessing, and reviewing records, as well as the format in which information should be provided, such as electronic files or physical documents. By establishing clear guidelines for how audits are to be performed, this clause helps ensure consistency, transparency, and efficiency in the audit process, reducing the risk of disputes or misunderstandings between the parties.
Audit Format. CONTRACTOR may submit to COUNTY one of the following in satisfaction of this Audit requirement:
Audit Format. CONTRACTOR may submit to COUNTY one of the following in satisfaction of this Audit requirement:
1) If CONTRACTOR expends a total of $750,000 or more of federal funding per fiscal year, CONTRACTOR is required to submit an annual audit report(s) that was performed in compliance with the Uniform Guidance.
2) If CONTRACTOR expends less than $750,000 in federal funding per fiscal year, then the COUNTY shall require an annual audit report(s) be performed in accordance with the Generally Accepted Auditing Standards (GAAS).
3) Additionally, at the discretion of the CONTRACTOR, a program specific audit report(s) may be submitted in accordance with the Uniform Guidance.
a) A separate schedule listing programs and funding, see recommended format, Exhibit G-1.
b) All Management Letters received by the CONTRACTOR relating to the performed audit, shall be submitted in conjunction with the annual audit report(s) to the COUNTY.
Audit Format. CONTRACTOR may submit to COUNTY one of the following in satisfaction of this Audit requirement:
1) If CONTRACTOR expends a total of $750,000 or more of federal funding per fiscal year, CONTRACTOR is required to submit an annual audit report(s) that was performed in compliance with the Uniform Guidance.
2) If CONTRACTOR expends less than $750,000 in federal funding per fiscal year, then the COUNTY shall require an annual audit report(s) be performed in accordance with the Generally Accepted Auditing Standards (GAAS).
3) Additionally, at the discretion of the CONTRACTOR, a program specific audit report(s) may be submitted in accordance with the Uniform Guidance.
Audit Format. CONTRACTOR may submit to COUNTY one of the following in satisfaction of this Audit requirement:
1) If CONTRACTOR expends a total of $750,000 or more of federal funding per fiscal year, CONTRACTOR is required to submit an annual audit report(s) that was performed in compliance with the Uniform Guidance.