Florida Regulations 62-552.800: Audits Required
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(1) Federal or State Audit Required.
(a) In the event that the project sponsor expends more than the federal audit threshold in federal awards in its fiscal year, the project sponsor must have a single or program-specific audit conducted in accordance with the provisions of 2 C.F.R. part 200, Subpart F, Appendix XI Compliance Supplement, June 2019, hereby adopted and incorporated by reference. This document is available from the Department’s Drinking Water State Revolving Fund Program, 3900 Commonwealth Blvd., Tallahassee, Florida 32399-3000, or electronic versions are available at http://www.whitehouse.gov/wp-content/uploads/2019/07/2-CFR_Part-200_Appendix-XI_Compliance-Supplement_2019)FINAL_07.01.19.pdf or http://www.flrules.org/Gateway/reference.asp?No=Ref-14081.
(b) Florida Statutes § 215.97, and applicable rules of the Department of Financial Services; and Chapters 10.550 (local governmental entities) or 10.650 (nonprofit and for-profit organizations), Rules of the Auditor General, impose audit requirements on the project sponsor and sub-recipients based on designated thresholds for expenditures. Each agreement entered into pursuant to this rule chapter shall include the audit requirements applicable to the project at the time the agreement is executed.
(2) Pursuant to Florida Statutes § 215.97, the state is authorized to conduct an audit within five (5) years following project closeout if loan compliance problems have been noted; record keeping deficiencies are noted during close-out; the project involves unusual or questioned costs; or other justification for conducting the audit becomes apparent.
(a) The Department shall give the project sponsor advance notice of any audit.
(b) The Department shall prepare a written report on each audit and shall provide a copy of the report to the project sponsor. The project sponsor must respond, in writing, to the findings and recommendations within 30 days after receipt of a written request from the Department.
Rulemaking Authority 403.8532 FS. Law Implemented Florida Statutes § 403.8532. History-New 4-7-98, Amended 8-10-98, 7-17-17, 3-9-22.
Terms Used In Florida Regulations 62-552.800
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) Florida Statutes § 215.97, and applicable rules of the Department of Financial Services; and Chapters 10.550 (local governmental entities) or 10.650 (nonprofit and for-profit organizations), Rules of the Auditor General, impose audit requirements on the project sponsor and sub-recipients based on designated thresholds for expenditures. Each agreement entered into pursuant to this rule chapter shall include the audit requirements applicable to the project at the time the agreement is executed.
(2) Pursuant to Florida Statutes § 215.97, the state is authorized to conduct an audit within five (5) years following project closeout if loan compliance problems have been noted; record keeping deficiencies are noted during close-out; the project involves unusual or questioned costs; or other justification for conducting the audit becomes apparent.
(a) The Department shall give the project sponsor advance notice of any audit.
(b) The Department shall prepare a written report on each audit and shall provide a copy of the report to the project sponsor. The project sponsor must respond, in writing, to the findings and recommendations within 30 days after receipt of a written request from the Department.
Rulemaking Authority 403.8532 FS. Law Implemented Florida Statutes § 403.8532. History-New 4-7-98, Amended 8-10-98, 7-17-17, 3-9-22.