Audit Required Sample Clauses
The 'Audit Required' clause mandates that certain records, processes, or financial statements must be subject to an audit, typically by an independent third party. In practice, this means the party responsible must maintain accurate and accessible documentation and cooperate with auditors during scheduled or random reviews. This clause ensures transparency and accountability, helping to detect errors, fraud, or non-compliance with contractual or regulatory requirements.
Audit Required. Audit Not Required. Recipient must submit to the Department supporting documentation for all grant/loan expenditures.
Audit Required. Non-Federal entities that expend $750,000 or more in a year in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of 2 CFR, Subpart F, §200.500. Guidance on determining Federal awards expended is provided in 2 CFR, Subpart F, §200.502.
Audit Required. A non-Federal entity that expends $750,000 or more during the non-Federal entity's fiscal year in Federal awards must have a single or program-specific audit conducted for that year.
Audit Required. In the event that Tenant believes it is entitled to take the Minimum Income Credit, it shall promptly (and in no event later than the date for submission of the annual reconciliation under Section 4.2) notify the Port of this fact and the expected amount of the credit. The Port shall then promptly commission an audit of Tenant’s books and records to determine whether Tenant’s Net Operating Income is below the Minimum Assured Income. The audit may be conducted by the Port’s internal audit staff or a third-party certified public accountant contracted to the Port. As part of the audit, the selected auditor will specifically test Tenant’s compliance with the terms of this Agreement, specifically including those provisions related to payment to Affiliates and Qualified Persons under Section 1.5.14; provided, however, the parties agree that Tenant shall (notwithstanding Section 1.5.14) only be required to identify those Affiliates or Qualified Persons with whom it intends to contract prior to each cruise season and that determination of whether the amount charged for such services are reasonable shall, unless Tenant specifically requests otherwise at the time the list of Affiliates and/or Qualified Persons is submitted, be assessed at the time of the audit. Tenant shall reasonably cooperate with the audit and shall be responsible for 50% of the cost of the audit, which amount shall not be an Allowable Expense; provided, however, Tenant’s share of the cost of the audit shall in no event exceed $25,000.
Audit Required. All grants awarded after December 26, 2014 are subject to the following audit requirements: A non-Federal entity that expends $750,000 or more during the non-Federal entity's fiscal year in Federal awards must have a single or program-specific audit conducted for that year in accordance with the provisions of this part. Single audit. A non-Federal entity that expends $750,000 or more during the non- Federal entity's fiscal year in Federal awards must have a single audit conducted in accordance with 45 C.F.R §75.501. Yearly submission of the audit(s) described above is a requirement of this award. A delinquent audit will subject the grantee to remedies for non-compliance in accordance with 45 C.F.R. §75.371.