Audit Requirement definition

Audit Requirement. An organization that expends $750,000 or more in a fiscal year in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of 45 CFR Part 75. The audit period is an organization’s fiscal year. The audit must be completed along with a data collection form (SF- SAC), and the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine (9) months after the end of the audit period. The audit report must be sent to: Federal Audit Clearing House Internet Data Entry System Electronic Submission: xxxxx://xxxxxxxxx.xxxxxx.xxx/facides/(S(0vkw1zaelyzjibnahocga5i0))/account/login.aspx AND Office of Grants Services, Financial Assessment and Audit Resolution Unit Electronic Copy to: XXX.Xxxxx.Xxxxxxxxxx@xxx.xxx be completed in English and in US dollars, and submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine (9) months after the end of the audit period. The audit report must be sent to: Electronic Copy to: XXX.Xxxxx.Xxxxxxxxxx@xxx.xxx (CDC Office of Grants Services) After receipt of the audit report, CDC will resolve findings by issuing Final Determination Letters. Audit requirements for Subrecipients to whom 45 CFR 75 Subpart F applies: The recipient must ensure that the subrecipients receiving CDC funds also meet these requirements. The recipient must also ensure to take appropriate corrective action within six months after receipt of the subrecipient audit report in instances of non- compliance with applicable Federal law and regulations (45 CFR 75 Subpart F and HHS Grants Policy Statement). The recipient may consider whether subrecipient audits necessitate adjustment of the recipient's own accounting records. If a subrecipient is not required to have a program-specific audit, the recipient is still required to perform adequate monitoring of subrecipient activities. The recipient shall require each subrecipient to permit the independent auditor access to the subrecipient's records and financial statements. The recipient must include this requirement in all subrecipient contracts. Federal Funding Accountability and Transparency Act (FFATA): In accordance with 2 CFR Chapter 1, Part 170 Reporting Sub-Award And Executive Compensation Information, Prime Awardees awarded a federal grant are required to file a FFATA sub-award report by the end of the month following the month in which the prime awardee awards any sub-gra...
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Audit Requirement. If an organization expends $750,000 or more in federal awards during the fiscal year a single or program-specific audit is required. • Cost Sharing/Matching – Matching funds must be for reasonable, necessary, allowable and allocable expenses. Program income cannot be used for match. Subrecipient Subrecipient • If the recipient uses subawards it must enter into a documented sub grant or subcontract and describe it in the work and financial plan. • The requirements of the applicable APHIS General Terms and Conditions must be included in the subaward agreement. • Recipients must include subaward activities in all performance and financial reports. Payments
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Audit Requirement. NLR shall provide the Consultant with audited consolidated financial statements on an annual basis to be delivered to the Consultant on or before 140 days from NLR's fiscal year end (the "Annual Financial Statements") in addition to financial statements of all affiliated corporations, partnerships and joint ventures (the "Other Financial Statements").
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Examples of Audit Requirement in a sentence

  • The Subrecipient will complete the Certification of Audit Requirement annually within 45 days after its fiscal year end.

  • Audit Requirement: Domestic Organizations (including US-based organizations implementing projects with foreign components): An organization that expends $750,000 or more in a fiscal year in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of 45 CFR Part 75.

  • The Contractor shall comply with all applicable laws, ordinances, codes, regulations, and policies of local, state, and federal governments, as now or hereafter amended, including, but not limited to: United States Laws, Regulations and Circulars (Federal) Contractor shall comply with Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Award, 2 CFR 200, Subpart F – Audit Requirements.

  • On or before the beginning date of this agreement, The Salvation Army agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

  • If the funds passed through to the sub recipient are the only federal funds it receives, then the sub recipient may qualify for a program-specific audit instead of a single audit On or before the beginning date of this agreement, the COUNTY agrees to complete and submit a "Certification of Audit Requirement and Schedule of Federal Expenditures" to CITY.

  • On or before the beginning date of this agreement, Catholic Charities agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

  • The Subrecipient shall complete and endorse Subrecipient Information & Audit Requirement Certification, Attachment 1.

  • Contractor shall comply with Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Award, 2 CFR 200, Subpart F – Audit Requirements.

  • On or before the beginning date of this agreement, THE DISTRICT agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

  • The Subrecipient shall permit independent auditors access to its financial records as necessary to comply with the Single Audit Act and OMB 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Subpart F – Audit Requirement.


More Definitions of Audit Requirement

Audit Requirement means the requirement to undertake an audit, or ensure that an audit is undertaken, that is imposed on the Auditee by or under: the conditions of a Licence; the legislative provisions; or the instrument or code made under legislation, specified in Item 4 of Annexure A.
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Related to Audit Requirement

  • Credit Requirements means a long-term credit rating (corporate or long-term senior unsecured debt) of (1) “Baa3” or greater by Xxxxx’x, or (2) “BBB-” or greater by S&P, or such other indicia of creditworthiness acceptable to PacifiCorp in its reasonable judgment.

  • REIT Requirements has the meaning set forth in Section 5.2.

  • FTR Credit Requirement means the amount of credit that a Participant must provide in order to support the FTR positions that it holds and/or for which it is bidding. The FTR Credit Requirement shall not include months for which the invoicing has already been completed, provided that PJMSettlement shall have up to two Business Days following the date of the invoice completion to make such adjustments in its credit systems. FTR Credit Requirements are calculated and applied separately for each separate customer account. FTR Flow Undiversified:

  • Reporting Requirement By January 31, 2017, the District will provide for OCR’s review and approval the Web Accessibility Policy drafted consistent with Item 1.

  • Default Requirement means the amount specified as being applicable to the Reference Entity in the Standard, or its equivalent in the relevant Obligation Currency (or, if no such amount is specified, U.S.$ 10,000,000 or its equivalent in the relevant Obligation Currency) in either case, as of the occurrence of the relevant Credit Event.

  • performance requirement means a requirement that:

  • Payment Requirement means the amount specified as being applicable to the Reference Entity in the Standard or its equivalent in the relevant Obligation Currency (or, if no such amount is specified, USD 1,000,000 or its equivalent in the relevant Obligation Currency) in either case as of the occurrence of the relevant Failure to Pay or Potential Failure to Pay, as applicable.

  • Reporting Requirements As defined in Section 11.12.

  • Audit Report means a report summarising the testing completed and the actions arising following an Audit;

  • Project Requirements means the statement included in the Request for Proposal detailing the technical and other requirements of Canada which are to be met by the successful Bidder, and which are to be addressed in the Bid;

  • Applicable requirement means all of the following as they apply to emission units in a source requiring an air quality operating permit (including requirements that have been promulgated or approved by the Department or the administrator through rule making at the time of issuance of the air quality operating permit, but have future-effective compliance dates, provided that such requirements apply to sources covered under the operating permit):

  • MREL Requirement means the minimum requirement for own funds and eligible liabilities which is or, as the case may be, will be applicable to the Issuer;

  • Bid Submission Requirement means a task a Prospective Contractor must complete when submitting a bid response. These requirements will be distinguished by using the term “shall” or “must” in the requirement.

  • Minimum Requirements means the minimum requirements for available commercial structures. The minimum requirements may be found at this link: https://portlandgeneral.com/energy- choices/renewable-power/green-future-impact The minimum requirements may be updated from time to time to reflect PGE’s criteria from its latest Commission accepted renewable request for proposals.

  • Assessment of Compliance As defined in Section 3.21.

  • Statement of Requirements means a statement issued by the Authority or any Other Contracting Body detailing its Services Requirement issued in accordance with the Ordering Procedure;

  • Performance Requirements The ordering entity reserves the right to inspect and verify that all deliveries are in accordance with specifications, both at the point of delivery and at the point of use. For orders that specify an “authorized party” to receive and inspect deliveries and/or installations, acceptance and inspection procedures must be performed by the” authorized party” to be considered and accepted by the ordering entity. Products inspected at the time of use are subject to refusal and return requirements for issues of quality such as defects in manufacturing and/or workmanship. Products will not be considered accepted by the ordering entity until the installation is complete for the applicable products.

  • Listing Requirements means the Main Market Listing Requirements of Bursa Securities.

  • Compliance Audit means the procedure (in a form advised by the GLA from time to time) by which an auditor independent of the Grant Recipient certifies (at the Grant Recipient's cost) whether the Named Projects developed or Rehabilitated pursuant to this Agreement satisfy the GLA's procedural compliance requirements (as described in the Affordable Housing Capital Funding Guide);

  • Program Requirements means that Partner has to fulfill certain program requirements as described in detail in the applicable SAP PartnerEdge Model and the PartnerEdge Program Guide.

  • Day-ahead Scheduling Reserves Requirement means the sum of Base Day-ahead Scheduling Reserves Requirement and Additional Day-ahead Scheduling Reserves Requirement.

  • Insurance Requirements means all terms of any insurance policy required by this Agreement and all requirements of the issuer of any such policy and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters (or any other body exercising similar functions) binding upon Landlord, Tenant or the Leased Property.

  • Rebate Requirement means the amount of arbitrage profits earned from the investment of gross proceeds of Tax-exempt Bonds in nonpurpose investments described in Section 148(f)(2) of the Code and defined as "Rebate Amount" in Section 1.148-3 of the Treasury Regulations, which is payable to the United States at the times and in the amounts specified in such provisions.

  • Certification Requirements means those requirements specified or referenced in this Agreement that you must meet in order to use and maintain the Certification Designation and use the Logo in accordance with the terms of this Agreement.

  • Operational requirements means the need to ensure that the Agency is to be operated as effectively, efficiently and economically as possible.

  • Capital Requirements Directive means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, as amended or replaced from time to time.