SECTION 303.324. Recordkeeping and Audits

(a) Subject to audit by the Commission or auditors or investigators working on behalf of the Commission, including the State Auditor and/or the Comptroller of Public Accounts for the State of Texas, a breed registry receiving funds from the horse industry escrow account shall maintain all records of expenses paid out of funds from the account for a minimum of five years following the event. Records may be maintained in electronic or paper format.

(b) The Commission may request, and the breed registry must provide, any such record as part of a review or audit.

(c) The funds received and/or expended by the breed registry from the horse industry escrow account must be included in the breed registry's annual audit of the financial statements required to be submitted by June 15 of each year. An auditor's statement must be included as part of the annual audit attesting to the proper use of the funds received from the horse industry escrow account by the breed registry.

Source Note: The provisions of this §303.324 adopted to be effective November 19, 2019, 44 TexReg 7041