Five-Year Forensic Audit Clause Samples

The Five-Year Forensic Audit clause requires a comprehensive review and examination of a party's financial records and transactions over a five-year period. Typically, this audit is conducted by an independent third party to ensure accuracy, detect fraud, or verify compliance with contractual obligations. By mandating such a review, the clause helps uncover discrepancies, prevent financial misconduct, and promote transparency between the parties involved.
Five-Year Forensic Audit. The Committee shall solicit proposals and contract with an independent public accountant to perform a forensic financial audit of the District’s financial affairs and operations every five (5) years and at other times at the discretion of the Committee by majority vote.
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Related to Five-Year Forensic Audit

  • Annual Audit If Subrecipient expends Federal funds in a fiscal year which equal or exceed $750,000 (seven hundred fifty thousand dollars) as specified in OMB Circular A-133-Revised, 2 CFR Part 200.500- Subpart F-Audit Requirements Subrecipient shall cause an audit to be prepared by a Certified Public Accountant (CPA) who is a member in good standing with the American Institute of Certified Public Accountants (AICPA) of the California Society of CPA’s. The audit must be performed annually in accordance with Generally Accepted Auditing Standards (GAAS) authorized by the AICPA and Federal laws and regulations governing the programs in which it participates. Furthermore, County retains the authority to require Subrecipient to submit similarly prepared audit at Subrecipient’s expense even in instances when Subrecipient’s expenditure is less than $750,000. Subrecipient will be required to identify corrective action taken in response to any findings identified by CPA related to their funded activity or program. Subrecipient will ensure an annual financial audit is performed in compliance with the Federal Single Audit Act and will submit two (2) copies of such audit report, including a copy of the management letter, to County within six (6) months of the end of each Contract year in which Subrecipient has received federal funding (i.e., July 1 – June 30). Failure to meet this requirement may result in County denying reimbursement of funds to Subrecipient, as well as future funding qualification. Subrecipients, which are exempt from statutory audit requirements, shall maintain records, which are available for review by County or Federal officials. Subrecipient acknowledges that any and all “Financial Statements” submitted to County pursuant to this County become Public Records and are subject to public inspection pursuant to Sec. 6250 et seq. of the California Government.

  • Annual Audits Each fiscal year, the School shall provide for an independent annual financial audit conducted in accordance with Generally Accepted Auditing Standards and Governmental Auditing Standards and performed by a certified public accountant (CPA); provided the Commission may establish an alternative reporting requirement in accordance with State law. The Commission shall provide the guidelines and/or scope of the audit or alternative report and may require minimum CPA qualifications or that the School select from a list of qualified CPAs as provided by the Commission. The School shall provide the completed audit or alternative report to the Commission by November 15 after the conclusion of the fiscal year; provided that the Commission, with reasonable notice to the School, may change the deadline depending on circumstances. The School shall pay for the audit or alternative report if an appropriation is not made by the Legislature for such purpose.

  • Calendar Year Calendar Year" for the purposes of this Agreement shall mean the twelve (12) month period from January 1st to December 31st, inclusive.

  • Annual Forecasts As soon as available and in any event no later than 90 days after the end of each Fiscal Year, forecasts prepared by management of the Borrower, in form satisfactory to the Administrative Agent, of balance sheets, income statements and cash flow statements on an annual basis for the Fiscal Year following such Fiscal Year.

  • RDO Schedule/ Working Day Calendar (a) The Employer recognises that hours accrued in accordance with clause 38 create a bank of hours to be drawn upon by the Employee, as a paid RDO. The Employer recognises that Employees are entitled to take off days accrued in accordance with this clause. (b) The agreed indicative RDO/Working Day Calendars for 2024 to 2029 are attached at Appendix D of this Agreement. (c) For the avoidance of doubt, nothing in the arrangement for an indicative RDO / Working Day Calendar is intended to impose a limit on the ability of the Employer to determine with its Employees when and where work can be performed to meet operational requirements or otherwise limit the Employer’s right to manage its business and improve productivity.