Audit threshold definition

Audit threshold means the threshold amount used to determine when a State single audit or a project-specific audit of a nonstate entity shall be conducted in accordance with Section 215.97, Florida Statutes. Each nonstate entity that expends a total amount of State financial assistance equal to or in excess of
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Audit threshold means the amount to use in determining when a state single audit of a nonstate entity shall be conducted in accordance with this section. Each nonstate entity that expends a total amount of state financial assistance awards equal to or in excess of $300,000 in any fiscal year of such nonstate entity shall be required to have a state single audit for such fiscal year in accordance with the requirements of this section. Every 2 years the Auditor General, after consulting with the Executive Office of the Governor, the Comptroller, and all state agencies that provide state financial assistance to nonstate entities, shall review the amount for requiring audits under this section and may adjust such dollar amount consistent with the purpose of this section.
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Audit threshold means the threshold amount used to determine when a State single audit or a project-specific audit of a nonstate entity shall be conducted in accordance with Section 215.97, Florida Statutes. Each nonstate entity that expends a total amount of State financial assistance equal to or in excess of $750,000 in any fiscal year of such nonstate entity is required to have a State single audit, or a project-specific audit, for such fiscal year in accordance with the requirements of Section 215.97, Florida Statutes (Section 215.97(2)(a), Florida Statutes)
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Examples of Audit threshold in a sentence

  • Of particular note, the revisions increase of the Single Audit threshold from $750,000 to $1 million and the de minimis indirect cost rate will increase from 10 percent to up to 15 percent of Modified Total Direct Costs (MTDC).

  • HUD may require the Recipient to complete a Program-Specific Audit, if the Recipient does not meet the Single Audit threshold requirements of 2 CFR part 200 subpart F or if the Single Audit does not include 14.259 as a major program.

  • Any entity that expends more in federal funds than the Uniform Grant Guidance Single Audit threshold during a fiscal year (July 1 – June 30) is required to conduct a single audit.

  • Subrecipient who does not meet the Single Audit threshold, but expends funds received under this agreement in excess of $100,000 is required to have a program-specific audit for the program funded by this agreement, which may be billed to LCDJFS.


More Definitions of Audit threshold

Audit threshold means the amount to use in determining when a state single audit of a nonstate entity shall be conducted in accordance with
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Related to Audit threshold

  • Bid threshold means the dollar amount set in N.J.S.A. 18A:18A-3, above which a Board shall advertise for and receive sealed bids in accordance with procedures set forth in N.J.S.A. 18A:18A-1 et seq.

  • Minimum Threshold means the average daily yield on the 10 Year Treasury Note (as reported in the Bloomberg GT10 index) over the Award Period.

  • Stated Threshold means total losses under the shared loss agreements in the amount of $41,000,000.00.

  • Minimum Takedown Threshold shall have the meaning given in Section 2.1.4.

  • Alteration Threshold means an amount equal to 5% of the outstanding principal amount of the Loan.