Mich. Admin. Code R. 400.19504 - Audits
Rule 504. A financial audit of grantee records shall be made not less than biennially. Audits are to be conducted in accordance with standards established by the American institute of certified public accountants and requirements issued by the executive director. Audit requirements shall include at least all of the following requirements:
(a) Audits shall be made to test the
integrity of financial transactions and compliance with grant or contract
terms.
(b) The bureau shall ensure
that timely and appropriate resolution of negative audit findings and
recommendations for reconciliation occur promptly.
(c) Grantees must monitor contractors that
have provided services if the audit conforms to minimum audit
standards.
(d) The bureau shall not
authorize the expense of an independent audit which does not meet the standards
cited in this rule.
Notes
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