Common use of Auditing Requirements Clause in Contracts

Auditing Requirements. 1. The Grantee shall provide an independent financial compliance audit of funds received from the Department under the Contract, for the following grants: 2014-2015 biennium to include the State Financial Assistance Grant (A) and individual grants B, C, D, E, M, N, P, S, T, and W; 2016-2017 biennium to include the State Aid Grant and Targeted Grants B, D, E, M, P, S, T, and W. 2. The audit shall be prepared in accordance with generally accepted auditing standards, governmental auditing standards, and the Department’s audit requirements that will be sent under separate cover by September 30 for each year of the biennium. 3. The Grantee shall submit, in a format prescribed by the department, a given fiscal year's audit to the Department no later than March 1 of the subsequent year. 4. The audit shall include as part of the Report on Compliance and Internal Control, the specific financial assurances contained in Section VIII (G) of the General Grant Requirements and any Targeted Grant requirements. The audit shall include an opinion on whether or not the Grantee complied with the applicable assurances. A summary of all material instances of non-compliance and an identification of the total amount of funds in question for each assurance shall be included in the audit. 5. Audits received after March 1 of the subsequent year are considered delinquent. Grantees with delinquent audits are subject to a Non-Compliance Citation Report (NCCR) and funds may be suspended by the Department.

Auditing Requirements. 1. The Grantee shall provide an independent financial compliance audit of funds received from the Department under the State Financial Assistance Contract, specifically for the following grants: Fiscal Year 2013 to include the State Financial Assistance Grant (A) and individual grants B, C, D, E, M, S, P, W, and the 2014-2015 biennium to include the State Financial Assistance Grant (A) and individual grants B, C, D, E, M, N, P, S, T, P and W; 2016-2017 biennium to include the State Aid Grant and Targeted Grants B, D, E, M, P, S, T, and W. 2. W. The audit shall be prepared in accordance with generally accepted auditing standardsGenerally Accepted Auditing Standards, governmental auditing standards, Governmental Auditing Standards and the Department’s audit requirements that will be sent under separate cover by September 30 for each year of the biennium. 3. The Grantee shall submit, in a format prescribed by submit two (2) copies of the department, a given current fiscal year's year audit to the Department no later than March 1 of the subsequent year. 4. The audit shall include as part of the Report on Compliance and Internal Control, the specific financial assurances contained in Section VIII (G) ), of the General Grant Requirements and any Targeted Grant requirementsindividual grant as included in the State Financial Assistance Contract. The audit shall include an opinion on whether or not the Grantee complied with the applicable assurances. A summary of all material instances of non-compliance and an identification of the total amount of funds in question for each assurance shall be included in the audit. 5. Audits received after March 1 of the subsequent year are considered delinquent. Grantees with delinquent audits are subject to a Non-Compliance Citation Report (NCCR) and funds may be suspended by the Department.