Independent Audit Threshold Attestation - Oregon

Independent Audit Threshold Attestation is a legal document that was released by the Oregon Department of Transportation - a government authority operating within Oregon.

FAQ

Q: What is the independent audit threshold attestation in Oregon?A: The independent audit threshold attestation in Oregon is a requirement for certain organizations to undergo an independent audit of their financial statements.

Q: Which organizations are subject to the independent audit threshold attestation in Oregon?A: Nonprofit organizations that receive more than $500,000 in annual gross revenues from public sources are subject to the independent audit threshold attestation in Oregon.

Q: What is the purpose of the independent audit threshold attestation in Oregon?A: The purpose of the independent audit threshold attestation in Oregon is to ensure accountability and transparency in the financial management of nonprofit organizations that receive significant public funding.

Q: Who conducts the independent audit in Oregon?A: The independent audit in Oregon is conducted by a certified public accountant (CPA) or a licensed public accountant (LPA) who is not affiliated with the organization being audited.

Q: What is the consequence of not complying with the independent audit threshold attestation in Oregon?A: Nonprofit organizations that fail to comply with the independent audit threshold attestation in Oregon may face penalties, including loss of tax-exempt status or ineligibility for public funding.