12 Colo. Code Regs. § 2510-1-10.316
Current through Register Vol. 47, No. 22, November 25, 2024
Section 12 CCR 2510-1-10.316 - FISCAL AUDITS [Rev. eff. 2/1/16]A. Frequency of Audits1. An independent auditor shall audit all AAAs annually.2. Each contractor of the SUA and each sub-contractor shall be audited in accordance with Federal Office of Management and Budget requirements for audits of states, local governments and nonprofit organizations. Requirements shall not include any later amendments to or editions of the incorporated material. Copies of these materials are available for public inspection by contacting: Colorado Department of Human Services, Division of Aging and Adult Services, Manager, State Unit on Aging, 1575 Sherman Street, Denver, Colorado 80203; or any State Publication Depository Library.
3. Contractors, including AAAs, of the SUA shall be responsible for scheduling audits of their agency and shall budget for the use of an independent registered certified public accountant to carry out the audit.4. The audit of an AAA shall include a representative sample of the transactions under contract that are less than lower limits established by the Federal Office of Management and Budget for such audits, if the aggregate of the contracts is material according to the auditor's judgment.a. Audits of contractors and sub-contractors shall be conducted in accordance with federal requirements for audits of states, local governments and nonprofit organizations and as directed by the SUA.b. The contractor of this program is considered an independent contractor of Title III, as defined at Section 10.120 "Definitions", federal financial assistance, subject to audit requirements regardless of the amount of federal funding the contractor receives.B. Audit costs may be charged to the contract if the audit meets all requirements of Section 10.316 . If multiple funding sources are covered by the audit, an equitable portion of the audit costs may be charged to the contract.39 CR 01, January 10, 2016, effective 2/1/2016