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Code of Federal Regulations Title 2. Grants and Agreements § 2.200.62 Internal control over compliance requirements for Federal awards

Current as of January 02, 2025 | Updated by Findlaw Staff

Internal control over compliance requirements for Federal awards means a process implemented by a non–Federal entity designed to provide reasonable assurance regarding the achievement of the following objectives for Federal awards:

(a) Transactions are properly recorded and accounted for, in order to:

(1) Permit the preparation of reliable financial statements and Federal reports;

(2) Maintain accountability over assets;  and

(3) Demonstrate compliance with Federal statutes, regulations, and the terms and conditions of the Federal award;

(b) Transactions are executed in compliance with:

(1) Federal statutes, regulations, and the terms and conditions of the Federal award that could have a direct and material effect on a Federal program;  and

(2) Any other Federal statutes and regulations that are identified in the Compliance Supplement;  and

(c) Funds, property, and other assets are safeguarded against loss from unauthorized use or disposition.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 2. Grants and Agreements § 2.200.62 Internal control over compliance requirements for Federal awards - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-2-grants-and-agreements/cfr-sect-2-200-62/

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