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if the City government receives $25,000 or more in General Revenue <br />r OF <br />Sharing Funds in a fiscal year, it shall have an audit of its entire <br />operations. <br />2. Between $25,000 and $100,000 per year, the City agrees <br />to obtain either - <br />a. a financial and compliance audit made in accordance <br />with the Single Audit Act of 1984 and OMB Circular A-123,. or <br />b. a financial and compliance audit of all federal <br />funds. The audit must determine whether the subrecipient spent <br />federal assistance funds in accordance with applicable laws and <br />regulations and the audit must be made in accordance with any <br />federal laws and regulations governing the federal programs the <br />subrecipient participates in. <br />Audits shall be made annually unless the state or local <br />government has, by January 1, 1987 a constitutional or statutory <br />requirement for less frequent audits. For those governments, the <br />cognizant agency shall permit biennial audits, covering both years, <br />if the government so requests. It shall also honor requests for <br />biennial audits by governments that have an administrative policy <br />calling for audits less frequent than annual, but only for fiscal <br />years beginning before January 1, 1987. <br />The audit shall be made by an independent auditor. An <br />independent auditor is a state or local government auditor or a <br />public accountant who meets the independent standards specified in <br />the General Accounting Office's Standards for Audit of Governmental <br />Organizations, Programs, Activities, and Functions. <br />-10- <br />