Financial Audit Reports Clause Samples
The Financial Audit Reports clause requires a party, typically a company or organization, to provide formal reports detailing the results of financial audits. These reports are usually prepared by independent auditors and must be delivered to specified stakeholders, such as investors, regulators, or contractual partners, within a set timeframe. By mandating the disclosure of audited financial information, this clause ensures transparency, accountability, and compliance with financial standards, thereby reducing the risk of misrepresentation or fraud.
Financial Audit Reports. Contractor shall ensure that an annual audit is performed according to Welfare and Institutions Code, Section 14459. Certified Public Accountant’s audited Financial Statements shall be submitted to DHCS no later than 120 calendar days after the close of Contractor’s fiscal year. Combined Financial Statements shall be prepared to show the financial position of the overall related health care delivery system when delivery of care or other services is dependent upon Affiliates. Financial Statements shall be presented in a form that clearly shows the financial position of Contractor separately from the combined totals. Inter- entity transactions and profits shall be eliminated if combined statements are prepared. If an independent accountant decides that preparation of combined statements is inappropriate, Contractor shall have separate certified Financial Statements prepared for each entity.
A. The independent accountant shall state in writing the reasons for not preparing combined Financial Statements.
B. Contractor shall provide supplemental schedules that clearly reflect all inter-entity transactions and eliminations necessary to enable DHCS to analyze the overall financial status of the entire health care delivery system.
1) In addition to annual certified Financial Statements, Contractor shall complete the State Department of Managed Health Care (DMHC) required financial reporting forms. The Certified Public Accountant's audited Financial Statements and DMHC required financial reporting forms shall be submitted to DHCS no later than 120 calendar days after the close of Contractor's Fiscal Year.
2) If Contractor is a public entity or a political subdivision of the State and a county grand jury conducts Contractor’s financial audits, Contractor shall submit its financial statement within 180 calendar days after the close of Contractor’s Fiscal Year in accordance with Health and Safety Code, Section 1384.
3) Contractor shall submit to DHCS within 45 calendar days after the close of Contractor's fiscal quarter, quarterly financial reports required by Title 22 CCR Section 53862(b)(1). The required quarterly financial reports shall be prepared on DMHC required financial reporting forms and shall include, at a minimum, the following reports/schedules:
Financial Audit Reports. The Contractor will ensure that an annual audit is performed according to Section 14459, W&I Code. Combined Financial Statements will be prepared to show the financial position of the overall related health care delivery system when delivery of care or other services is dependent upon Affiliates. Financial Statements will be presented in a form that clearly shows the financial position of the Contractor ▇▇▇▇▇▇ Medical Centers 95-23637 Article VI separately from the combined totals. Inter-entity transactions and profits will eliminated if combined statements are prepared. The Contractor will have separate certified Financial Statements prepared if an independent accountant decides that preparation of combined statements is inappropriate.
A. The independent accountant will state in writing reasons for not preparing combined Financial Statements.
B. The Contractor will provide supplemental schedules that clearly reflect all inter-entity transactions and eliminations necessary to enable DHS to analyze the overall financial status of the entire health care delivery system.
1. In addition to annual certified Financial Statements the Contractor will complete the entire 1989 HMO Financial Report of Affairs and Conditions Format, commonly known as the "Orange Blank". The Certified Public Accountant's (CPA) audited Financial Statements and the "Orange blank" report will be submitted to DHS no later than ninety (90) calendar days after the close of the Contractor's Fiscal Year.
2. On a quarterly basis the Contractor will submit to DHS forty-five (45) calendar days after the end of each quarter under this Contract financial reports required by Title 22, CCR, Section 53324(c). The required quarterly financial reports will be prepared on the "Orange Blank" format and will include, at a minimum, the following reports/schedules: