§ 37.1325. Periodic audit.
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/us/cfr/t32/s§ 37.1325·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An audit of a participant, performed at an agreed-upon time (usually a regular time interval), to determine whether the participant as a whole is managing its Federal awards in compliance with the terms of those awards. Appendix C to this part describes what such an audit may cover. A periodic audit of a participant differs from an award-specific audit of an individual award (as defined in § 37.1235).