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The Department shall consider the grant closed when the <br /> reconciliation payment is made, either by the Department or the <br /> Participant. The Department shall send notification to the <br /> Participant that the grant is closed. Payment issues, audit <br /> issues or any other matters pertaining to the grant may not be <br /> raised and are forever settled upon the grant closeout. <br /> ITEM 8. PROJECT AUDIT AND ACCESS TO RECORDS <br /> The Participant should arrange for an independent Certified <br /> Public Accountant to make financial and compliance audits each <br /> fiscal year to determine the fiscal integrity of financial <br /> transactions and reports, and compliance with this agreement and <br /> any applicable laws, regulations and administrative <br /> requirements. Such audit shall be in accordance with the <br /> requirements of Section 8.01 of this agreement. <br /> 8.01. Independent audit. The participant shall arrange for <br /> an independent Certified Public Accountant to make financial and <br /> compliance audits each fiscal year to determine the fiscal <br /> integrity of financial transactions and reports. The <br /> participant shall prescribe or approve the sudit scope and <br /> reporting requirements as described in the following audit <br /> program. <br /> The following prescribe the standards to be followed by the <br /> participant in selecting auditors to conduct audits, and the <br /> minimum scope of audits and report formats which will meet the <br /> Department requirements. <br /> 7 <br />