96.504 - Responsibility for subrecipient audits.
- Standard Number: 96.504
- Standard Title: Responsibility for subrecipient audits.
Recipients of Federal assistance from DOL are responsible for ensuring that subrecipient organizations to whom they provide $25,000 or more in a fiscal year 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 96.1 or subpart 96.2 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.
Source: 53 FR 5968, Feb. 26, 1988, unless otherwise noted.