Oversight Agency for Audit Law and Legal Definition

According to 38 CFR 41.105 [Title 38 -- Pensions, Bonuses, and Veterans' Relief; Chapter I -- Department of Veterans Affairs; Part 41 -- Audits of States, Local Governments, and Non-Profit Organizations; Subpart A – General], oversight agency for audit means “the Federal awarding agency that provides the predominant amount of direct funding to a recipient not assigned a cognizant agency for audit. When there is no direct funding, the Federal agency with the predominant indirect funding shall assume the oversight responsibilities. A Federal agency with oversight for an auditee may reassign oversight to another Federal agency, which provides substantial funding and agrees to be the oversight agency for audit. Within 30 days after any reassignment, both the old and the new oversight agency for audit shall notify the auditee, and, if known, the auditor of the reassignment.”