Certified Audits Clause Samples
The Certified Audits clause establishes the right for one party to have the other party's financial records or operations reviewed by an independent, certified auditor. Typically, this clause outlines the circumstances under which an audit can be requested, the scope of information accessible, and the procedures for conducting the audit, such as providing advance notice and ensuring confidentiality. Its core function is to ensure transparency and verify compliance with contractual obligations, thereby reducing the risk of fraud or misreporting.
Certified Audits. Local governments and non-profit subrecipient entities that expend $500,000 or more in a year in federal awards (from all sources) shall have a single audit conducted for that year in accordance with the provisions of OMB Circular A-133 “Audit of States, Local Governments, and Non-Profit Organizations.” A copy of the final audit report shall be submitted to DNR if either the schedule of findings and questioned costs or the summary schedule of prior audit findings includes any audit findings related to federal awards provided by DNR. If an audit report is not required to be submitted per the criteria above, the subrecipient must provide written notification to DNR that the audit was conducted in accordance with Government Auditing Standards and that neither the schedule of findings and questioned costs nor the summary schedule of prior audit findings includes any audit findings related to federal awards provided by the DNR. See A-133 Section 21 for a discussion of subrecipient versus vendor relationships.
Certified Audits. Local governments and non‐profit subrecipient entities that expend