Auditor Approval and Audit Distribution Sample Clauses
The Auditor Approval and Audit Distribution clause establishes the requirements for selecting and approving auditors, as well as the procedures for distributing audit reports. Typically, this clause specifies that the parties must mutually agree on the choice of auditor and outlines how and to whom the completed audit findings will be shared, such as both parties and relevant stakeholders. Its core function is to ensure transparency and fairness in the audit process, preventing disputes over auditor selection and guaranteeing that all necessary parties receive the audit results.
Auditor Approval and Audit Distribution. The audit shall be performed by a certified public accountant or public accountant who has a valid and current permit to practice public accountancy in the State of Oklahoma, and who is approved by the Oklahoma Accountancy Board to perform audits according to Government Auditing Standards. The Contractor’s fiscal managers and appropriate oversight bodies shall review the auditor’s latest external quality control review report prior to the audit being conducted. DRS retains the right to examine the work papers of said auditor. The Contractor shall submit two copies of the annual audit report to the Department of Rehabilitation Services - Contracts ▇▇▇▇ ▇▇▇▇ ▇.▇. ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, plus a copy of the management letter, if applicable, and corrective action plan to all audit findings, and the auditor’s latest external quality control review report within 120 days of the Contractor’s fiscal year end. In the event the Contractor is unable to provide the audit report within the time specified, the Contractor shall submit a written request to the address listed above for an extension citing the reason for delay. DRS reserves the right to suspend payment to the Contractor for costs owed pursuant to this Contract if DRS has not received the prior year audit.
Auditor Approval and Audit Distribution. The audit shall be performed by a certified public accountant or public accountant who has a valid and current permit to practice public accountancy in the State of Oklahoma, and who is approved by the Oklahoma Accountancy Board to perform audits according to Government Auditing Standards. The Contractor’s fiscal managers and appropriate oversight bodies shall review the auditor’s latest external quality control review report prior to the audit being conducted. DRS retains the right to examine the work papers of said auditor.