Examples of Audit threshold in a sentence
Subrecipients who do not meet the Single Audit threshold are required to have a program-specific Coronavirus Relief Funds audit conducted in accordance with § 200.507 - Program-Specific Audits and may be required to submit such copy of that audit to Cook County.
Agent Kava- naugh testified for nine trial days during the gov- ernment’s case in chief.
Audit threshold for Federal expenditures is $750,000 or more per year.
If Contractor does not meet the Single Audit threshold of $750,000, County may require Contractor to submit other forms of audits and/or financial reviews regarding costs and expenses under the contract.
If grantees expend more than $750,000 in federal funding, from all federal grants received, their fiscal records are audited regularly by a Certified Public Accountant under the Single Audit threshold requirement of Office of Management and Budget (OMB) Uniform Guidance (2 CFR Part 200).
As noted in paragraph .102, SARS uses an audit agency threshold that is lower than the Single Audit threshold.
An Applicant organization that does not exceed the required Single Audit threshold in federal expenditures is exempt from federal single audit requirements; however they are still required to submit audited financial statements as part of the Application.
Reports on internal control and compliance in accordance with Government Auditing Standards (GAS) issued by the Comptroller General of the United States (as revised) are no longer required of entities that do not receive federal funds or whose federal funds expended falls below the Single Audit threshold in effect for the audit period.
Entry into the Grant Tracker module is critical to the State’s compliance with the Federal requirement to track and review Single Audits for all subrecipients triggering the Single Audit threshold in a given fiscal year.
Occasionally, these overstatements/understatements would also erroneously eclipse the Single Audit threshold for an LPA’s annual reporting.