Establish and Maintain Internal Controls Sample Clauses

The "Establish and Maintain Internal Controls" clause requires a party, typically a contractor or service provider, to implement and uphold effective systems and procedures that safeguard assets, ensure accurate financial reporting, and promote compliance with applicable laws and regulations. In practice, this may involve setting up processes for regular audits, segregation of duties, and documentation of financial transactions. The core function of this clause is to reduce the risk of fraud, errors, and non-compliance, thereby protecting both parties' interests and ensuring accountability throughout the duration of the agreement.
Establish and Maintain Internal Controls. The CNA shall establish the necessary internal controls in accordance with applicable laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the JWOD Act, 41 U.S.C. Chapter 85 and implementing regulations, 41 C.F.R. Chapter 51, and Commission policies and guidelines. The CNA shall assess and evaluate its internal controls in accordance with this Agreement and other applicable laws and regulations governing the same, to ensure that the controls are effective and updated when necessary to successfully carry out its responsibilities and avoid potential for waste, fraud, or abuse. The CNA shall also inform the Commission of the results of this assessment, not protected by attorney-client privilege, and demonstrate to the Commission that the controls it has in place are sufficient to meet all the laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the Consolidated Appropriations Act, 2016, JWOD Act, implementing regulations and Commission guidelines. ▇.▇.▇.▇: Internal Control Reporting. Annually, no later than June 1st, the CNA shall provide to the Commission, a report that lists the CNA's internal control audits related to the AbilityOne Program including, but not limited to, the description/ scope of the audit; number of material findings; and management action plans to address such ▇.▇.▇.▇: Audit. Annually, no later than February 15, the parties agree that for the purpose of this Agreement, a program specific audit as set forth at 2 C.F.R. § 200 Subpart F, particularly §§ 200.501 and 507 shall be the preferred audit methodology utilized to satisfy the audit requirements. Absent the availability of a program-specific guide, the parties further agree any such audits shall be conducted as they would be for a major program in a Single Audit. As such, the CNA must prepare a financial statement for the Federal program that includes, at a minimum, a schedule of expenditures of Program Fees as agreed to in Section C.4.0 of this Agreement and notes of significant accounting policies, a summary of prior audit findings and corrective action plans. The CNA shall act upon all recommendations that may result from any program specific audit conducted under this Agreement. The CNA shall provide the Commission a copy of each audit, associated corrective actions, supporting financial information, and pertinent related correspondences.
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Establish and Maintain Internal Controls. The CNA shall establish the necessary internal controls in accordance with applicable laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the JWOD Act, 41 U.S.C. Chapter 85 and implementing regulations, 41 C.F.R. Chapter 51 and Commission policies and guidelines. The CNA shall assess and evaluate its internal controls in accordance with this Agreement and other applicable laws and regulations governing the same, to ensure that the
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Establish and Maintain Internal Controls. The CNA shall establish the necessary internal controls in accordance with applicable laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the JWOD Act, 41 U.S.C. Chapter 85, and implementing regulations, 41 C.F.R. Chapter 51, and Commission policies and guidelines. The CNA shall assess and evaluate its internal controls in accordance with this agreement and other applicable laws and regulations governing the same, to ensure that the controls are effective and updated when necessary to successfully carry out its responsibilities and avoid potential for waste, fraud, or abuse. The CNA shall also inform the Commission of the results of this assessment, not protected by attorney-client privilege, and demonstrate to the Commission that the controls it has in place are sufficient to meet all the laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the Consolidated Appropriations Act, 2016, JWOD Act, implementing regulations and Commission guidelines.
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Establish and Maintain Internal Controls. The CNA shall establish the necessary internal controls in accordance with other laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the JWOD Act, 41 U.S.C. Chapter 85 and implementing regulations, 41 C.F.R. Chapter 51. The CNA shall assess and evaluate its internal controls to ensure that the controls are effective and updated when necessary to successfully carry out its responsibilities and avoid potential for waste, fraud, or abuse. The CNA shall also inform the Commission of the results of this assessment not protected by attorney-client privilege or otherwise and demonstrate to the Commission that the controls it has in place are sufficient to meet all the laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the Consolidated Appropriations Act and the JWOD Act, and implementing regulations. ▇.▇.▇.▇: Internal Control Reporting. Annually, no later than June 1st, beginning in 2017, the CNA shall provide to the Commission, a report that lists the CNA's internal control audits related to the AbilityOne Program including, but not limited to, the
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Establish and Maintain Internal Controls. The CNA shall establish the necessary internal controls in accordance with other laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the JWOD Act, 41 U.S.C. Chapter 85 and implementing regulations, 41 C.F.R. Chapter 51. The CNA shall assess and evaluate its internal controls to ensure that the controls are effective and updated when necessary to successfully carry out its responsibilities and avoid potential for waste, fraud, or abuse. The CNA shall also inform the Commission of the results of this assessment not protected by attorney-client privilege or otherwise and demonstrate to the Commission that the controls it has in place are sufficient to meet all the laws, regulations, and guidance governing nonprofit institutions as well as to satisfy the requirements under the Consolidated Appropriations Act and the JWOD Act, and implementing regulations. ▇.▇.▇.▇: Internal Control Reporting. Annually, no later than September 1st, beginning in 2018 (previously required no later than June 1, beginning in 2017), the CNA shall provide to the Commission, a report that lists the CNA's internal control audits related to the AbilityOne Program including, but not limited to, the description/ scope of the audit; number of material findings; and management action plans to address such findings. The CNA shall submit to the Commission the necessary reports in accordance with this Agreement as well as Commission policy.
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Related to Establish and Maintain Internal Controls

  • Internal Controls The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Internal Control Effective control and accountability must be maintained for all cash, real and personal property, and other assets. Grantee must adequately safeguard all such property and must provide assurance that it is used solely for authorized purposes. Grantee must also have systems in place that provide reasonable assurance that the information is accurate, allowable, and compliant with the terms and conditions of this Agreement. 2 CFR 200.303.

  • Books and Records; Internal Accounting Controls The records and documents of the Company and its Subsidiaries accurately reflect in all material respects the information relating to the business of the Company and the Subsidiaries, the location and collection of their assets, and the nature of all transactions giving rise to the obligations or accounts receivable of the Company or any Subsidiary. The Company and each of its Subsidiaries maintain a system of internal accounting controls sufficient, in the judgment of the Company's board of directors, to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate actions are taken with respect to any differences.

  • Audit Controls a. System Security Review. CONTRACTOR must ensure audit control mechanisms that record and examine system activity are in place. All systems processing and/or storing PHI COUNTY discloses to CONTRACTOR or CONTRACTOR creates, receives, maintains, or transmits on behalf of COUNTY must have at least an annual system risk assessment/security review which provides assurance that administrative, physical, and technical controls are functioning effectively and providing adequate levels of protection. Reviews should include vulnerability scanning tools.

  • Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act), which (i) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii) have been evaluated by management of the Company for effectiveness as of the end of the Company’s most recent fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were established. Since the end of the Company’s most recent audited fiscal year, there have been no significant deficiencies or material weakness in the Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is not aware of any change in its internal control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.