Examples of State Single Audit in a sentence
In consideration of the satisfactory performance of the provisions of this contract, the Governmental Unit(s) shall pay to the Auditor, upon approval by the Secretary of the LGC if required, the fee, which includes any costs the Auditor may incur from work paper or peer reviews or any other quality assurance program required by third parties (federal and state grantor and oversight agencies or other organizations) as required under the Federal and State Single Audit Acts.
The Auditor shall perform the audit in accordance with Government Auditing Standards if required by the State Single Audit Implementation Act, as codified in G.S. 159-34.
If required by OMB Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Implementation Act, the Auditor shall perform a Single Audit.
Verify that the pass-through entity receives audit reports for subrecipients required to have an audit in accordance with the State Single Audit Act, issues timely management decisions on audit and monitoring findings, and requires subrecipients to take timely corrective action on deficiencies identified in audits and subrecipient monitoring.
The financial and compliance audit will cover federal, state, and local funding sources in accordance with generally accepted auditing standards; Government Auditing Standards, July 2018 revisions; the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), the State Single Audit Implementation Act; and all other applicable laws and regulations.
The payments made by the OEC shall be compared to the expenses reported by the Contractor, by SID as noted on the “Schedule of Expenditures of Financial Assistance” and/or “Schedule of Expenditures of Federal Financial Assistance” or other similar schedule(s) as required by the Federal and State Single Audit acts.
Audits that must comply with 2 CFR Part 200 and the State Single Audit Guidelines are due to the granting agencies nine months from the end of the fiscal period or 30 days from completion of the audit, whichever is sooner.
The payments made by the Department shall be compared to the expenses reported by the Contractor, by SID as noted on the “Schedule of Expenditures of Financial Assistance” and/or “Schedule of Expenditures of Federal Financial Assistance” or other similar schedule(s) as required by the Federal and State Single Audit acts.
The State Single Audit Report should be filed with OPM no later than six months after the end of the audit period.
The independent auditor also has the responsibility under the State Single Audit (SSA) Act to determine the major state programs (an important aspect of conducting a State Single Audit); the Schedule of Expenditures of State Financial Assistance serves as the primary basis for the auditor making that determination.