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EXHIBIT B <br /> Audit Requirements <br /> FEDERALLY FUNDED CONTRACTS <br /> The administration of resources awarded by the Department to INDIAN RIVER COUNTY may be subject to audits and/or <br /> monitoring by the Department, as described in this section. <br /> MONITORING <br /> In addition to reviews of audits conducted in accordance with OMB Circular A-133 and Section 215.97, F.S., as revised <br /> (see "AUDITS" below), monitoring procedures may include, but not be limited to, on-site visits by Department staff, limited <br /> scope audits as defined by OMB Circular A-133, as revised, and/or other procedures. By entering into this agreement, <br /> the recipient agrees to comply and cooperate fully with any monitoring procedures/processes deemed appropriate by the <br /> Department. In the event the Department determines that a limited scope audit of the recipient is appropriate, the <br /> recipient agrees to comply with any additional instructions provided by the Department staff to INDIAN RIVER COUNTY <br /> regarding such audit. INDIAN RIVER COUNTY further agrees to comply and cooperate with any inspections, reviews, <br /> investigations, or audits deemed necessary by the Department's Office of Inspector General (OIG) and Florida's Chief <br /> Financial Officer(CFO) or Auditor General. <br /> AUDITS <br /> PART I: FEDERALLY FUNDED <br /> Recipients of federal funds (i.e. state, local government, or non-profit organizations as defined in OMB Circular A-133, as <br /> revised)are to have audits done annually using the following criteria: <br /> 1. In the event that the recipient expends $500,000 or more in Federal awards in its fiscal year, the recipient must <br /> have a single or program-specific audit conducted in accordance with the provisions of OMB Circular A-133, as <br /> revised. EXHIBIT C to this agreement indicates Federal resources awarded through the Department by this <br /> agreement. In determining the Federal awards expended in its fiscal year, the recipient shall consider all sources <br /> of Federal awards, including Federal resources received from the Department. The determination of amounts of <br /> Federal awards expended should be in accordance with the guidelines established by OMB Circular A-133, as <br /> revised. An audit of the recipient conducted by the Auditor General in accordance with the provisions OMB <br /> Circular A-133, as revised, will meet the requirements of this part. <br /> 2. In connection with the audit requirements addressed in Part I, paragraph 1., the recipient shall fulfill the <br /> requirements relative to auditee responsibilities as provided in Subpart C of OMB Circular A-133, as revised. <br /> 3. If the recipient expends less than $500,000 in Federal awards in its fiscal year, an audit conducted in accordance <br /> with the provisions of OMB Circular A-133, as revised, is not required. However, if the recipient elects to have an <br /> audit conducted in accordance with the provisions of OMB Circular A-133, as revised, the cost of the audit must <br /> be paid from non-Federal resources (i.e., the cost of such an audit must be paid from recipient resources obtained <br /> from other than Federal entities). <br /> 4. Federal awards are to be identified using the Catalog of Federal Domestic Assistance (CFDA) title and number, <br /> award number and year, and name of the awarding federal agency. <br /> PART II: OTHER AUDIT REQUIREMENTS <br /> The recipient shall follow up and take corrective action on audit findings. Preparation of a summary schedule of prior year <br /> audit findings, including corrective action and current status of the audit findings is required. Current year audit findings <br /> require corrective action and status of findings. <br /> Records related to unresolved audit findings, appeals, or litigation shall be retained until the action is completed or the <br /> dispute is resolved. Access to project records and audit work papers shall be given to the Department, the Department of <br /> Financial Services, and the Auditor General. This section does not limit the authority of the Department to conduct or <br /> arrange for the conduct of additional audits or evaluations of state financial assistance or limit the authority of any other <br /> 7 <br />