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A. Standards for selection of auditor <br /> 1. The selection of the auditor, together with all necessary <br /> arrangement letters, will be made directly by the <br /> participant. <br /> 2. The Participant shall not select any outside auditor to <br /> conduct required audits who is not in fact independent with <br /> respect to any participant with which he now has, or has <br /> had during the period covered by the audit, any <br /> relationship which creates a substantial interest, <br /> including but not limited to: officer, employee (voluntary <br /> or paid) , stockholder or bookkeeper. <br /> B. Scope of independent audit <br /> Each participant shall perform an annual Single Audit in <br /> accordance with the Single Audit Act of 1984, including an audit <br /> of the funds requested and received under this grant, and <br /> provide a copy to the Department within 180 days of the close of <br /> the grant period. Each recipient of a reduced fare , <br /> reimbursement grant must also direct its auditor to include the <br /> reduced fare reimbursement grant in its single audit. '� <br /> The Participant must complete an audit or compliance <br /> determination. The following information must be contained in <br /> the scope of said audit, which must be conducted by an <br /> independent CPA: <br /> 1. The audit report will state that the audit was made in <br /> accordance with OMB Circular A-128. <br /> 2. The report will contain the auditor's report on the <br /> financial statements and on the schedule(s) of any Federal <br /> and State assistance. <br /> 8 <br />