Okla. Admin. Code § 340:105-10-109

Current through Vol. 42, No. 7, December 16, 2024

Section 340:105-10-109 - Audits of profit-making grantees

(a)Policy. Each profit-making grantee of Older Americans Act (OAA) funds obtains an annual audit of OAA funds to meet the Office of Management and Budget (OMB) Circular A-133 standards for a program audit or limited scope audit.

(b)Authority. The authority for this Section is OMB Circular A-133 and the contract between the pass through agency and the for-profit grantees.

(c)Procedures. Procedures for implementing this Section are described in this subsection. The audit:

(1) period is the same as the project's fiscal year;

(2) report is specific to the grant-funded project, and is not a single audit of the entire grantee agency;

(3) is conducted by a Certified Public Accountant according to generally accepted government auditing standards; and

(4) cost is not charged to federal funds and is not used to meet match requirements.

(d)Cross references. See OAC 340:105-10-106 through 340:105-10-108 and 340:105-10-110 through 340:105-10-113.

Okla. Admin. Code § 340:105-10-109

Added at 11 Ok Reg 673, eff 11-29-93 (emergency); Added at 11 Ok Reg 2771, eff 6-13-94; Amended at 22 Ok Reg 897, eff 5-12-05