Audit of Financial Records Sample Clauses
The 'Audit of Financial Records' clause grants one party the right to review and examine the financial documents and accounts of the other party, typically to ensure compliance with contractual obligations. In practice, this clause may specify the frequency of audits, the types of records subject to review, and the notice period required before an audit can take place. Its core function is to promote transparency and accountability, helping to detect errors, fraud, or mismanagement and ensuring that financial dealings are conducted as agreed.
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Audit of Financial Records. The Subrecipient shall comply with the audit and reporting requirements defined by the Federal Office of Management and Budget (OMB) 2 CFR 200 (Audits of States, Local, Governments and Non-Profit organizations) and 45 CFR 75-500 – 75.521 as applicable. The Subrecipient will, if total federal funds expended are $750,000 or more a year, have a single or program specific financial statement audit conducted for the annual period in compliance with the General Accounting Office audit standards (45 CFR 75-501(a)). Within thirty 30 days of the effective date of this Agreement, the Subrecipient will provide the Federal Grants Manager at DBHDS with a copy of its most recent (last) single audit. If any findings were noted in the audit report, corrective actions taken to fully resolve the finding must also be provided. If there are no audit findings, a letter indicating no findings shall be submitted. If a 2 CFR 200 or 45 CFR 75 audit occurs during the term of this Agreement, a copy of that audit and response to any findings must be provided to DBHDS’ Federal Grants Manager within 30 days of the completion of the audit. If total federal funds expended are less than $750,000 for a year the Subrecipient is exempt from federal audit requirements (45 CFR 75-501(d)), however, the Subrecipient’s records must be made available to the pass-through agency and appropriate officials of HHS, SAMHSA, the U.S. Government Accountability Office and the Comptroller General of the United States upon request, and it must still have a financial audit performed for that year by an independent Certified Public Accountant. Further, if applicable, within 30 days of the effective date of this Agreement, the Subrecipient must submit to DBHDS’ Federal Grants Manager a written statement of exemptions to the single audit requirement and a copy of the most recent audited financial statement along with any findings and corrective action plans. Should an audit by authorized state or federal official result in disallowance of amounts previously paid to the Subrecipient, the Subrecipient shall reimburse the ass-Through Agency upon demand. Pursuant to 45 CFR 75.361, the Subrecipient shall retain all books, records, and other documents relative to this agreement for three (3) years from the date of the final expenditure report provided by the Department. In the event that any litigation, claim, or audit is initiated prior to the expiration of the 3 year period, all records must be retained until all li...
Audit of Financial Records. For a minimum of 5 (five) years (or longer if required by any applicable law), the Company shall retain all records pertaining to information that are the subject matter of this Agreement. The Client shall have the right, at any time up to 5 (five) years after completion, termination or cancellation of any Order pursuant to the Agreement, to audit Company’s books, records, worksite and/or data in any form to verify compliance with the terms hereof and/or the correctness of any invoice submitted by Company. Said right shall be exercised solely for the purposes defined in this Article. The Company shall obtain equivalent rights of audits from all subcontractors and will cause such rights to extend to the Client. If the audit reveals any amounts due to the Client, such amounts must be paid by the Company to the Client within thirty (30) days of receipt of written notification. 7. Аудит финансовых записей В течение как минимум 5 (пяти) лет (или более продолжительный срок, если таковой установлен в соответствии с применимым законодательством), Компания обязана хранить все записи, относящиеся к предмету настоящего Договора. Клиент имеет право в любое время до истечения 5 (пяти) лет после завершения, прекращения или аннулирования любого Заказа в соответствии с Договором проверять учетные книги Компании, записи, место выполнения работ и / или иные данные в любой форме, для проверки соответствия условиям настоящего Договора и / или правильность любого выставленного Компанией счета. Указанное право должно осуществляться исключительно для целей, определенных в настоящей Статье. Компания должна получить аналогичные права аудита от всех субподрядчиков и должна обеспечить наличие / предоставление таких прав Клиенту. Если аудит выявляет любые суммы, причитающиеся Клиенту, такие суммы должны быть выплачены Компанией Клиенту в течение тридцати (30) дней с момента получения письменного уведомления.
Audit of Financial Records. For purposes of confirming performance of obligations under this Agreement, InMedica and Chi L▇▇ ▇▇▇▇l have the right, at their expense, at all reasonable times and from time to time, to review, or engage an independent auditor to review, the accounting and operational records of MicroCor and Wescor. MicroCor and Wescor shall keep and maintain accurate records of their accounting data that shall reasonably and accurately reflect their operations and shall maintain such records for at least three (3) years following the close of each relevant accounting period. MicroCor and Wescor shall make all such information available to InMedica or Chi L▇▇ ▇▇▇▇ such party's written request either by providing access thereto at the offices of MicroCor or Wescor, or by copying all such information and delivering it to the requesting party. Either InMedica or Chi L▇▇ ▇▇▇▇l have the right to terminate this Agreement if either MicroCor or Wescor fails to perform its obligations under this Section, or provides inaccurate or false records under this Section.
Audit of Financial Records. InMedica shall have the right, at its expense, at all reasonable times and from time to time, to review, or engage an independent auditor to review, the accounting and operational records of Chi Lin to determine the acc▇▇▇▇▇ ▇f the sales under the Distribution License for which royalties are payable, the accuracy and reasonableness of the operating cost and production estimates, and to verify actual results as well as other data relevant to the operation of Chi Lin and to the provisio▇▇ ▇▇ this Agreement. Chi Lin shall keep and maint▇▇▇ ▇▇curate records of its accounting data that shall reasonably and accurately reflect its operations and shall maintain such records for at least three (3) years following the close of each relevant period. Chi Lin shall make all such ▇▇▇▇▇▇ation available to InMedica upon InMedica's written request either by providing access thereto at Chi Lin's offices, or by co▇▇▇▇▇ ▇▇▇ such information and delivering it to InMedica. Whether to review such information by visiting Chi Lin's Offices or by requ▇▇▇▇▇ ▇▇▇ delivery of copies shall be at the election of InMedica. InMedica shall have the right to terminate this Agreement if Chi Lin (i) fails to perfor▇ ▇▇▇ obligations under this Section, (ii) provides inaccurate or false records under this Section, or (iii) provides false or unreasonably inaccurate cost or production estimates or other information upon which the pricing of the Products is based.
Audit of Financial Records. CAMBRIDGE shall maintain complete and accurate records sufficient to permit verification of actual direct material costs underlying price adjustments, costs or credits pursuant to Sections 3.1.1 or 3.1.5. ONYX shall have the right to examine such records (subject to Article 11, on a confidential basis, for the sole purpose of verifying the underlying adjustments, costs or credits; provided, however, that ONYX may engage an independent third party auditor reasonably acceptable to CAMBRIDGE for such purpose). Such examination shall be made during normal business hours and upon reasonable prior notice to CAMBRIDGE and shall be carried out in a manner reasonably calculated to avoid disruption to CAMBRIDGE’s business activities. Furthermore, ONYX shall have the right to a [*] update of CAMBRIDGE’s global sales revenue, cash from operations, and net working capital (i.e. current assets and current liabilities).
Audit of Financial Records. At no cost to Transferors, Transferors agree to cooperate reasonably with Transferee’s independent auditors to provide reasonable and necessary access to financial records and to provide representations and certifications as are usually and customarily required to permit the preparation and audit of financial statements of the Properties and Property Owners pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) including all staff accounting bulletins or other guidance provided by the SEC. This provision shall survive the Closing.