Fla. Admin. Code Ann. R. 62-554.500 - Audits Required

(1) State Audit Required. Section 215.97, F.S., imposes 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) Loan recipients are advised that pursuant to section 215.97, F.S., 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 reasonable 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 20 days after receipt of the written report from the Department.

Notes

Fla. Admin. Code Ann. R. 62-554.500

Rulemaking Authority 373.475 FS. Law Implemented 373.475 FS.

Adopted by Florida Register Volume 44, Number 129, July 3, 2018 effective 7/19/2018.

New 7-19-18.