SECTION 62.603. Audit Standards

(a) Grantee will contract with an independent, licensed CPA firm to perform an annual financial audit engagement. If applicable, grantee's independent, licensed CPA firm will determine the type of annual financial audit, which may include a compliance attestation in accordance with federal audit requirements and/or Texas Single Audit Circular (Single Audit or non-Single Audit financial audit).

(b) A grantee must submit to the OAG one copy of all audit reports, including audits as required in UGMS and all other audits that a grantee undergoes, regardless of the purpose. The grantee must submit an audit report to the OAG within 30 calendar days after receipt of the audit report, or nine months after the end of the audit period.

(c) OAG contract funds may only be used for the fair and reasonable share of audit costs required by the OAG, in accordance with applicable federal and state cost principles.

Source Note: The provisions of this §62.603 adopted to be effective September 5, 2013, 38 TexReg 5700; amended to be effective June 10, 2019, 44 TexReg 2835