Audits Required Clause Samples
The "Audits Required" clause mandates that certain financial or operational records must be examined by an independent party, typically on a regular basis. In practice, this clause may require a company to submit to annual audits of its financial statements or to allow an external auditor access to specific documents to verify compliance with contractual obligations. Its core function is to ensure transparency and accountability, helping to detect errors, fraud, or non-compliance and thereby protecting the interests of stakeholders.
Audits Required. It must obtain the following audits:
(i) Annual “Single Audit.” A financial and compliance audit consistent with the requirements of the Single Audit Act Amendments of 1996, 31 U.S.C. § 7501, et seq., and applicable U.S. DOT “Single Audit” requirements of 2 CFR Part 1201, which incorporate by reference 2 CFR Part 200, for each Award, the accompanying Underlying Agreement, and any Amendments to any Underlying Agreement; and
Audits Required. It will obtain the following audits:
(a) Annual “Single Audit.” A financial and compliance audit that:
(b) Other Audits. Other audits the Federal Government may require,
Audits Required. If requested, Grantee shall submit to County a year-end financial statement covering all fiscal years during which Grantee expends funds provided pursuant to this Agreement. Grantee shall maintain client records, books, documents, and other evidence, accounting procedures and practices sufficient to reflect properly all direct and indirect costs of whatever nature claimed to have been incurred in the performance of this Agreement, including any matching costs and expenses, all of which will be deemed to constitute records for purposes of this section. Such records shall clearly reflect the cost and scope of the services provided. Grantee's facility or office or such part thereof as may be engaged in the performance of this Agreement and its records shall be subject at all reasonable times to inspection, audit, and reproduction by County, the State, or any of their duly authorized representatives.
Audits Required. A [insert number of installment] of US$insert amount in figures (United States Dollars insert amount in words), equivalent to [10% of the total maximum amount set out in this Article, shall be made available upon satisfactory provision of the required outputs (outputs indicated in the Payment Schedule have been provided), [Insert acronym of partner], financial statements of the Project audited by an independent audit firm showing the use of funds so far provided to [Insert acronym of partner], and a payment request. [Note: The first audit is required once 80% of the total maximum amount set out in this Article has been provided and utilized. Installments totaling of 20% (at a minimum) should be conditional upon submission of the audited financial statements] A final installment of US$ insert amount in figures (United States Dollars insert amount in words), not less than 10% of the total maximum amount set out in this Article, shall be made available upon satisfactory provision of the final outputs (outputs indicated in Annex C of the Payment Schedule have been provided), financial statements of the Project audited by an independent audit firm showing the use of funds so far provided [Insert acronym of partner], and a payment request). [Note: The second audit required once 80% of the total maximum amount set out in this Article has been provided and utilized. The final installment of 10% is conditional upon submission of the audited financial statements] UN-Habitat shall make the above payments within [insert number in words] [insert number in figures] days following the receipt of the appropriate payment request. The statements referred to above shall be itemized as per the budget in Annex C. Supporting documents shall be available to UN-Habitat upon request, together with payment request. The Parties acknowledge that the disbursement of funds from UN-Habitat to [Insert acronym of partner] under this Agreement are subject, in all respect, to the receipt of funds from Donor under the respective terms and conditions between UN-Habitat and the Donor. [Insert acronym of partner] cannot derive any rights from the terms and conditions between UN-Habitat and the donor or have any claim to the funds provided by the Donor to UN-Habitat. Payments shall be made by UN-Habitat in United States Dollars (USD) to the following bank account which shall be used exclusively for this project:
Audits Required. It will obtain the following audits:
(a) Annual “Single Audit.” A financial and compliance audit that: