29 CFR 96.54 – Responsibility for subrecipient audits
Recipients of Federal assistance from DOL are responsible for ensuring that subrecipient organizations who expend $300,000 or more in a fiscal year or $500,000 for fiscal years ending after December 31, 2003 are audited and that any audit findings are resolved in accordance with this part. The recipient shall:
Terms Used In 29 CFR 96.54
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) Determine whether appropriate audit requirements outlined in subpart A have been met;
(b) Determine whether the subrecipient spent Federal assistance funds provided in accordance with applicable laws and regulations;
(c) Ensure that appropriate corrective action is taken within six months after receipt of the audit report in instances of non-compliance with Federal law and regulations;
(d) Consider whether subrecipient audits necessitate adjustment of the recipient’s own records; and
(e) Require that each subrecipient permit independent auditors to have access to the records and financial statements necessary to comply with this part.