Section 96.54 - Responsibility for subrecipient auditsRecipients 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:
(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.64 FR 14539, Mar. 25, 1999, as amended at 72 FR 37104, July 9, 2007