ACCOUNTING AND AUDITING. 18.1 Contractor shall maintain, at its offices in Ghana, books of account and supporting records in the manner required by applicable law and accepted accounting principles generally used in the international petroleum industry and shall file reports, tax returns and any other documents and any other financial returns which are required by applicable law.
18.2 In addition to the books and reports required by Article 18.1 Contractor shall maintain, at its office in Ghana, a set of accounts and records relating to Petroleum Operations under this Agreement. Such accounts shall be kept in accordance with the requirements of the applicable law and accepted accounting principles generally used in the international petroleum industry.
18.3 The accounts required by Articles 18.1 and 18.2 shall be kept in United States Dollars.
18.4 Contractor will provide GNPC with quarterly summaries of the Petroleum Costs incurred under this Agreement.
18.5 GNPC shall review all financial statements submitted by the Contractor as required by this Agreement, and shall signify its provisional approval or disapproval of such statements in writing within ninety (90) days of receipt failing which the financial statements as submitted by Contractor shall be deemed approved by GNPC; in the event that GNPC indicates its disapproval of any such statement, the parties shall meet within fifteen (15) days of Contractor’s receipt of the notice of disapproval to review the matter.
18.6 Notwithstanding any provisional approval pursuant to Article 18.5 GNPC shall have the right at its sole expense and upon giving reasonable notice in writing to Contractor to audit the books and accounts of Contractor relating to Petroleum Operations within two (2) years from the submission by Contractor of any report of financial statement. GNPC shall not, in carrying out such audit, interfere unreasonably with the conduct of Petroleum Operations. Any such audit shall be undertaken by an independent international auditing firm and shall be completed within nine (9) months after commencement. An extension of time to complete an audit shall be allowed upon receipt by Contractor from GNPC’s auditing firm of a written statement representing that the auditors have used reasonable efforts to complete the subject audit and they require additional time not to exceed three (3) months to complete such audit. If after a period of one (1) year the subject audit has not been completed by GNPC the books and accounts covering...
ACCOUNTING AND AUDITING. The CONSULTANT shall keep accurate and complete records in support of all payments hereunder in accordance with generally recognized accounting principles and practices. The TOWN or its audit representatives shall have the right at any reasonable time to examine, audit, and reproduce all records pertaining to costs, including (but not limited to) payrolls, employees' time sheets, invoices, and all other evidence of expenditures for the Services. Such records shall be kept by the CONSULTANT and made available for one (1) year after completion of the Services or termination of this Agreement, whichever is earlier.
ACCOUNTING AND AUDITING. Grantee must record the receipt of the grant funds and any Project-related expenditure, in such a form as to enable Grantor to verify that the funds were expended for the stated purposes of the grant and in accordance with generally accepted accounting principles. All pertinent records, including invoices, purchase orders, packing lists, warranties, rebates and worksheets supporting allocations shall be retained in Grantee files for at least three years after the Grant Period or after the expenditure of all grant funds, whichever comes later, or as otherwise required by state and federal law or requested by Grantor. If there are unresolved audit questions at the end of the retention period, Grantee shall retain the records until the questions are resolved. Grantor reserves the right at reasonable times and during normal business hours to audit these records, or have them audited, during the term of this Agreement or thereafter. If as a result of an audit Grantor reasonably concludes that funds were spent for purposes not related to approved Project-related activities, as set forth in the Budget and subject to this Agreement, Grantor will be entitled to a refund of such funds, including interest on the amount refunded. Grantee shall return such funds to Grantor within 30 days of Grantor’s written demand.
ACCOUNTING AND AUDITING. The UN Agency will keep accurate accounts and records in respect of the funds made available under this Agreement, in accordance with the UN Agency’s financial regulations and rules and in such form and detail as will clearly identify all relevant charges and costs for corresponding deliverables. The UN Agency will retain all records (contracts, reports, invoices, bills, receipts and other documentation) relating to this Agreement in accordance with the UN Agency’s documents retention policy. The UN Agency’s use of the funds made available under this Agreement will be subject exclusively to the internal and external auditing procedures provided in the financial regulations, rules, policy and procedures of the UN Agency and the relevant decisions of the UN Agency’s governing body. The UN Agency will make available to the Government, with a copy to the Bank, a copy of its external auditors’ reports on its financial statements within thirty (30) days of delivery of the same to the United Nations General Assembly. Internal audit reports from the UN Agency’s office responsible for internal audit and investigations will be made public by disclosure on the UN Agency internet site in accordance with decisions of the UN Agency’s Executive Board and reports from the UN Agency’s office responsible for internal audit and investigations that include reference to the Financing will be made available to the Government, with a copy to the Bank, in accordance with that same decision.
ACCOUNTING AND AUDITING. To provide proper accounting and auditing for the property and services provided by each party under Article I:
A. Accounting and fiscal functions shall be performed or contracted for by the College, at the discretion of the College.
B. Before each fiscal year (July 1 through June 30), the College shall prepare a budget showing all anticipated transactions and services under this Agreement for that upcoming fiscal year, including all space and equipment, supplies, personnel, and other services the College expects to provide to the Foundation. The presidents of the Foundation and the College, and/or their designees, will review and approve that budget.
C. The value of all space and equipment, supplies, personnel, and other services which the College provides to the Foundation shall not exceed the total amount of $350,000 in any fiscal year. The College will regularly keep track of the space and equipment, supplies, personnel, and other services it is providing to assure that this maximum amount is not being exceeded. The College will annually prepare, and the presidents of the Foundation and the College and/or their designees will annually review, a post-closing summary of the transactions between the two parties to assure that this maximum has not been exceeded.
D. The Foundation shall annually confirm to the College (1) that it has fully complied with its obligations to expend its best efforts to seek to accrue gifts, grants, donations and endowments for the benefit of the College; and (2) that it has used all assets and earnings of the Foundation for the exclusive benefit of the College or the payment of necessary and reasonable administrative expenses of the Foundation. For this purpose, the Foundation will list its accomplishments for the preceding year and share with the College its revenue and expense statements for the preceding year and its end- of-year balance sheet.
E. The Foundation is a separate entity from the College, and shall be audited or reviewed annually by a reputable independent accounting firm.
F. The College is a state institution of higher education, and shall be audited by the State Auditor’s Office.
G. The Foundation shall permit the president of the College, or the president’s designee, to inspect and/or copy all Foundation books, accounts and records at all reasonable times in order to determine compliance with the commitments made in this Agreement. The president’s designee may include institutional or state auditors. Nothing h...
ACCOUNTING AND AUDITING. Contractor shall keep accurate and complete accounting records in support of all cost xxxxxxxx and claims to Company in accordance with generally recognized accounting principles and practices. Company, or its audit representatives, shall have the right at any reasonable time or times to examine, audit and copy the records, vouchers and their source documents which serve as the basis for compensation other than pricing elements which are fixed in amount by this Contract. Such documents shall be available for examination, audit and copying for three (3) years after the completion or termination of this Contract. Contractor shall assist Company with preparing necessary audit material and will allow Company to review any work papers prepared by independent auditors as allowed by professional standards. Audit findings by Company’s representative will be considered to be final and conclusive on Contractor for the period audited. Any overcollections shall be returned to Company within thirty (30) days from date of notice of overcharge and any underpayments will be paid to Contractor by Company within thirty (30) days of discovery of such underpayments.
ACCOUNTING AND AUDITING. 6.1. ICPK shall maintain accurate books and records of the costs of the Project, including invoices and cancelled cheques for a minimum period of 6 years after the date of completion of the Project. ICPK acknowledges that the City and/or representatives of the City have the right to audit, or cause to have audited, ICK’s books, accounts and records and have a right of access to ICK’s premises, records, books and accounts relating to this Project and use of the funding provided pursuant to this agreement during the Funding Period. ICPK agrees to provide full access to the City and/or an authorized representative of the City for such purposes.
6.2. ICPK shall release to the City, upon request and in a timely manner, for the purpose of releasing to the Auditor General of Canada, auditors for the City, or Ombudsman of Ontario, all records held by ICPK, or by agents or contractors of ICPK, relating to this Agreement and the use of the funding advanced thereto and such further information and explanations as these third parties, or anyone acting on their behalf, may request relating to this Agreement or the use of the funding.
6.3. ICPK shall assist the City in completing any evaluation of the outcomes and impacts that result from the Project including providing the City such data and information, without limitation, as the City may require and request and ICPK shall participate fully in any inquiry undertaken by the Auditor General of Canada, auditors for the City, or Ombudsman of Ontario, with respect to the use of the funding provided pursuant to this agreement.
ACCOUNTING AND AUDITING. Under the general supervision of the Board of Directors of AILIC, AAG shall provide the following accounting services: preparation and maintenance of the financial statements and reports including annual and quarterly statements on both statutory and GAAP bases and tax returns, and processing of the related financial records and transactions of AILIC. AAG shall also provide such assistance as may be required with respect to tax and auditing services.
ACCOUNTING AND AUDITING. 8.1 Separate books of accounts shall be kept by the Manager of the transactions of the Venture. Any Party may inspect such books upon reasonable notice and at any reasonable time.
8.2 Periodic audits may be made upon said books at such time as authorized by the Policy Committee by persons designated by the same and copies of said audit shall be furnished to all Parties.
8.3 Upon dissolution of the Venture, a final audit shall be made and copies of such audit shall be furnished to each of the parties.
8.4 It is understood and agreed that the method of accounting used by the Manager and for state and federal income tax purposes shall be the cash based method and that the accounting year shall be the calendar year.
ACCOUNTING AND AUDITING. The Consultant shall maintain complete and accurate records, using Generally Accepted Accounting Principles (GAAP), of all costs related to this Contract. Such records shall be open to inspection and subject to audit and/or reproduction, during normal working hours, by the City’s agent or authorized representative to the extent necessary to adequately permit evaluation and verification of any invoices, payments, or claims submitted by the Consultant or any of his payees in connection with this Contract. Records subject to examination will include, but are not limited to, those records necessary to evaluate and verify direct and indirect costs (including overhead allocations) as they may apply to costs associated with this Contract. For the purpose of such inspections, the City’s agent or authorized representative shall have access to said records from the Effective Date of this Contract, for the duration of the Services, and until three (3) years after the date of final payment by the City to the Consultant pursuant to this Contract. The City’s agent or authorized representative shall have access to the Consultant’s facilities and shall be provided an adequate and appropriate work place, in order to conduct audits in compliance with this Section. The City will give the Consultant reasonable advance notice of planned inspections. If, as the result of an audit hereunder, the Consultant is determined to have charged the City for amounts that are not allocable or verifiable, the Consultant shall promptly reimburse the City for said amount.
