SECTION 66.123. Audit Standards

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(a) A grantee must submit to the OAG copies of all audit reports, including audits as required in the Independent Annual Audit and all other audits that a grantee undergoes, regardless of the purpose.
(b) A grantee must ensure that required audits are completed and submitted to the OAG on or before 30 days after the issuance of an auditor's report.
(c) A grantee will bear its fair and reasonable share of audit costs required by the OAG in accordance with applicable federal and state cost principles governing allowability and allocation.
(d) A grantee, regardless of level of funding, is subject to random, periodic on-site reviews and audits by the OAG. These reviews are designed to complement, not duplicate, any single audit performed.

Source Note: The provisions of this §66.123 adopted to be effective June 24, 2001, 26 TexReg 4437

                    
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