Periodic Audit Law and Legal Definition

According to 32 CFR 37.1325 (Title 32 - National Defense; Subtitle A - Department Of Defense; Chapter I - Office Of The Secretary Of Defense; Subchapter C - DOD Grant And Agreement Regulations; Part 37 - Technology Investment Agreements; Subpart J - Definitions Of Terms Used In This Part), periodic audit is “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).”