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shall contain information pertainin9 to Federal awards and authorizations, obligations, unobllgated balances, assets, liabilities, outlays, and income . c. Effective control over and accountability for all funds, property, and other assets. Recipients shall adequately safeguard all such assets and shall assure that they are used solely for authorized purposes. d. Comparison of actual outlays with budgeted amounts for each coopera- tive agreement. Also, relation of financial information with performance or productivity data, including the production of unit cost information whenever appropriate and required by the Federal agency. e. Procedures for determining reasonableness, allowability and alloca- bility of costs in accordance with the provisions of FMC 74-4. f. Accounting records that are supported by source documentation. g. Examinations in the form of audits or internal audits. Such audits shall be made by qualified individuals who are sufficiently independent of those who authorize the expenditure of Federal funds, to produce unbiased opinions, conclusions, or judgments. These examinations are intended to ascertain the effectiveness of the f inane ial management systems and internal procedures that have been established to meet the terms and conditions of the coopera- tive agreement. They should be made in accordance with generally accepted auditing standards including the standards published by the General Accounting Office, Standards for Audit of Governmental Organizations, Programs, Activities, and Functions. It is not intended that each cooperative agreement awarded to the recipient be examined. Generally, examinations should be conducted on an organization-wide basis to test the fiscal integrity of financial transactions, as well as compliance with the terms and conditions of the Federal cooperative agreements. Such tests would includ an appropriate sampling of Federal cooperative agreements. Examina- tions will be conducted with reasonable frequency, on a continuing bas is or at scheduled intervals, usually annually, but not less frequently than every 2 years. The frequency of these examina- tions shall depend upon the nature, size, and the complexity of the activity. These examinations do not relieve Federal agencies of their audit responsibilities, but may affect the frequency and scope of such audits. h. A systematic method to assure timely and appropriate resolu- tion of audit findings and recommendations. i. Primary recipients shall require subcontractors to adopt the standards above, except for the requirements in paragraph a, regarding reporting forms and frequencies. 5. Financial Reporting Requirements. - a. The following definitions apply for purposes of this provision: 3