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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />if the City government receives $25,000 or more in General Revenue <br />Sharing Funds in a fiscal year, it shall have an audit of its entire <br />operations. <br /> <br /> 2. Between $25,000 and $100,000 per year, the City agrees <br />to obtain either - <br /> <br /> a. a financial and compliance audit made in accordance <br />with the Single Audit Act of 1984.and OMB Circular A-128,.or <br /> <br /> b. a financial and compliance audit of all federal <br />funds. The audit must determine whether the subrecipient spent <br />federal assistance funds in accordance with applicable laws and <br />regulations and the audit must be made in accordance with any <br /> <br />federal laws and regulations <br />subrecipient participates in. <br /> <br /> Audits shall be made <br />government has, by January 1, <br /> <br />governing the federal programs the <br /> <br />annually unless the state or local <br />1987 a constitutional or statutory <br /> <br />requirement fo~ less frequent audits. For those governments, the <br />cognizant agency shall permit biennial audits, covering both-years, <br />if the government so requests. It shall also honor requests for <br />biennial audits by governments that have an administrative policy <br />calling for audits less frequent than annual, but only for fiscal <br />years beginning before January 1, 1987. <br /> <br /> The audit shall be made by an independent auditor. An <br />independent auditor is a state or local government auditor or a <br />public accountant who meets the independent standards specified in <br />the General Accounting Office's Standards for Audit of Governmental <br />Organizations, Programs, Activities, and Functions. <br /> <br />-10- <br /> <br /> <br />