§ 96.202 - Audit requirements.

The audit requirements contained in OMB Circular No. A-133, attached as appendix C of this part, shall be followed for audits of all fiscal years beginning on or after January 1, 1990. The audit requirements contained in OMB Circular No. A-110, Attachment F, attached as appendix B of this part, shall be followed for audits of all fiscal years beginning on or after August 8, 1985, through December 31, 1989. The audit requirement contained in 41 CFR 29-70.217a shall be followed for audits of fiscal years beginning before August 8, 1985. Organizations covered by this subpart are responsible for arranging for independent audits that meet the requirements of this section. Such audits should be made annually, but must be made at least biennially. Audits conducted biennially under the provisions of this subpart shall cover both years within the biennial period. OMB Circular A-128 provides detailed guidance on the conduct of organization-wide audits. Colleges and universities, hospitals, and other nonprofit organizations are required to follow this guidance in the conduct of audits made pursuant to this subpart.