Auditee's responsibilities.

CFR · 2024-01-01 · US · Title 7

(a) (1) The qualifications of auditors available to do the work; (2) The auditor's experience in performing audits of utilities, related industries, or in the case of grantees, experience in auditing entities comparable to the grantee; and (3) The auditor's ability to complete the audit and submit the reporting package to the auditee within 90 days of the audit date. (b) (1) The auditor represents that it meets RUS qualifications to perform an audit; and (2) The auditee and auditor will enter into an audit engagement in accordance with § 1773.6. (c) (1) Within 30 days of the date of receipt of such notice, RUS or its designated representative will notify the auditee, in writing via email, if the selection or change in auditor is not satisfactory as identified in § 1773.5. (2) Notification that the same auditor has been selected for succeeding audits of the auditee's financial statements is not required; however, the procedures outlined in this part must be followed for each new auditor selected, even though such auditor may previously have been approved by RUS to audit records of other RUS auditees. (d) (e) (f) (g) (1) The schedule of deferred debits and deferred credits must include a description of the deferral and a notation as to whether the deferral has received written approval from RUS. If a determination is made that prior written approval is not required, cite the specific authority for the deferral. (2) The schedule of investments must include investments in subsidi

official document · source cfr-2024 · id 7:§ 1773.4