Is it a close-out audit if the recipient is merging into another LSC-funded entity?
Yes. A close-out audit consists of the financial statemnets and compliance reports, prepared according to LSC OIG guidance, for the final period in which the auditee received direct LSC funds. It is a close-out audit if it is the last financial accounting for an auditee as a separate entity even if that auditee is merging into another LSC-funded entity in the next reporting period.
Related Questions
- The entity tax return is being audited and wants the tax professional to handle the audit. How can the entity give the department authorization to talk to the tax professional about the tax return?
- How does a disregarded entity authorize a representative to work with the department during an audit?
- Is it a close-out audit if the recipient is merging into another LSC-funded entity?
