§ Economic comments.
( good ) Economic statements. The latest auditee need ready yourself economic statements that reflect their financial position, outcome of businesses or changes in web assets, and you may, in which suitable, bucks flows on the financial seasons audited. Brand new economic comments need to be for the very same organizational tool and you will financial seasons which is chosen to fulfill the needs of it part. Although not, non-Government entity-wide monetary statements also can become departments, companies, or other business systems which have independent audits in accordance with § (a) and you may ready yourself separate financial statements.
( b ) Plan of expenditures regarding Federal awards. The latest auditee should ready yourself a routine of expenses out of Federal honours on period covered by new auditee’s monetary statements hence need through the complete Federal honours expended since determined in common which have § . While not needed, the brand new auditee might want to render advice questioned because of the Federal awarding enterprises and you can citation-because of agencies to make the agenda better to play with. Including, whenever a national system features numerous Government honor many years, the auditee ount from Government awards expended for each Government prize 12 months individually. At the very least, the latest agenda need:
( step one ) Checklist individual Government apps because of the Federal agency. Having a cluster from applications, deliver the team label, record private Federal applications inside class of apps, and provide brand new appropriate Government agencies label. Having R&D, full Government prizes expended must be shown both from the private Government prize or by the Federal service and you may biggest subdivision during the Government service.