§ 295.14 - Special financial reporting requirements.

Each award by the Program shall contain procedures regarding financial reporting to ensure that awards are being used in accordance with Office of Management and Budget Circular A-122—“Cost Principles for Non-Profit Organizations”, Federal Acquisition Regulation (FAR) part 31—“Contract Cost Principles and Procedures”, or other sound accounting practices to be specified in the Cooperative Agreement. The audit principles to be applied to ATP awards are the Generally Accepted Accounting Principles (GAAP) according to the General Accounting Office's “Government Auditing Standards” subtitled “Standards for Auditing Government Organization, Program, Activities and Functions”. Each award will be subject to an Attestation Engagement (i.e., providing assurance on representations of compliance with statutory, regulatory, and contractual requirements) or an audit in conjunction with the recipient's annual audit at least every two years. In the interest of efficiency, the recipients are encouraged to retain their own independent CPA firm to perform these services. The Department of Commerce's Office of Inspector General (OIG) reserves the right to determine the time frame and/or level of service of financial audit reports that are to be delivered and to determine how the close-out audit is to be conducted. The use of an independent CPA firm does not preclude the OIG's right to conduct its own audit.