Accounting and Audits Sample Clauses
Accounting and Audits. Criteria Architect must establish and maintain books, records, and systems of account, in accordance with generally accepted accounting principles, reflecting all business operations of Criteria Architect transacted under this Agreement. Criteria Architect shall retain these books, records, and systems of account during the Term of this Agreement and for three (3) years thereafter. Pursuant to Government Code Section 8546.7, this Agreement is subject to examination and audit of the State Auditor as specified in the code. Criteria Architect shall permit the Judicial Council, its agent, other representatives, or an independent auditor to audit, examine, and make excerpts, copies, and transcripts from all books and original records, and to make audit(s) of all billing statements, invoices, original records, and other data related to the Services covered by this Agreement. Audit(s) may be performed at any time, provided that the Judicial Council shall give reasonable prior Notice to Criteria Architect and will conduct audit(s) during Criteria Architect’s normal business hours, unless Criteria Architect otherwise consents. If an audit or Judicial Council internal review reveals that the Criteria Architect and/or its Subconsultant(s) have overcharged the Judicial Council, Criteria Architect will immediately pay to the Judicial Council the overcharged amount plus interest from the date of receipt of overpayment. The rate of interest will be equal to eighteen percent (18%) per year, or the maximum rate permitted by applicable law, whichever is less. The audit or Judicial Council internal review will be conducted at the Judicial Council’s expense, unless the audit or review reveals that the Criteria Architect and/or its Subconsultant(s) has overcharged the Judicial Council by ten percent (10%) or more on any invoice, in which case the Criteria Architect will reimburse the Judicial Council for all costs and expenses incurred by the Judicial Council in connection with such audit or review, including direct and indirect costs associated with Judicial Council representatives. This remedy shall not be exclusive to any other remedies available to the Judicial Council including, without limitation, a claim against the Criteria Architect for a False Claim pursuant to the False Claims Act (Gov. Code § 12650, et seq.) IMS/Monetary Penalties. The Judicial Council shall be entitled to remedy any “False Claims,” as defined in California Government Code section 12650 et seq., ma...
Accounting and Audits. PARTIES will maintain, and will ensure that any consultant hired by PARTIES to participate in WORK will maintain, a financial management system that conforms to Generally Accepted Accounting Principles (GAAP), and that can properly accumulate and segregate incurred PROJECT costs and xxxxxxxx.
Accounting and Audits. Operator shall comply with generally accepted fiscal management and accounting principles. In addition to any audits required by Applicable Law, Operator shall submit to IPS within 180 days following the end of each fiscal year during the Term of this Agreement financial statements audited by an independent certified public accountant.
Accounting and Audits. 15.1 The CONTRACTOR shall keep in its offices in the Kurdistan Region copies of all books and accounts of all revenues relating to the Petroleum Operations and all Petroleum Costs (the “Accounts”), except during the Exploration Period, when the CONTRACTOR shall be entitled to keep the Accounts at its headquarters Abroad. The Accounts shall reflect in detail expenditure incurred as a function of the quantities and value of Petroleum produced, and shall be kept for a period of five (5) years. All Accounts which are made available to the GOVERNMENT in accordance with the provisions of this Contract shall be prepared in the English language. The Accounts shall be kept in accordance with prudent international petroleum industry practice and in accordance with the provisions of the Accounting Procedure. The Accounts shall be kept in Dollars, which shall be the reference currency for the purposes of this Contract.
15.2 Within ninety (90) days following the end of each Calendar Year, the CONTRACTOR shall submit to the GOVERNMENT a summary statement of all Petroleum Costs incurred during the said Calendar Year. The summary statement shall also include a profit calculation pursuant to the provisions of Article 26.
15.3 The GOVERNMENT shall have the right:
(a) to request an audit of the Accounts with respect to each Calendar Year within a period of two (2) Calendar Years following the end of such Calendar Year (the “Audit Request Period”); and
(b) to retain an auditor of international standing familiar with international petroleum industry accounting practice to undertake or assist the GOVERNMENT to undertake the audit. Notwithstanding paragraphs (a) and (b) of this Article 15.3, the GOVERNMENT shall have the right to audit the Accounts with respect to each Calendar Year at any time in the case of manifest error or fraud.
15.4 The reasonable cost of retaining an auditor pursuant to Article 15.3 shall be borne by the CONTRACTOR and treated as a Petroleum Cost for the purpose of cost recovery under Articles 1 and 25.
15.5 During the Audit Request Period for any Calendar Year but not thereafter, the GOVERNMENT, acting reasonably and in accordance with prudent international petroleum industry practice, may request in writing all reasonably available information and justifications for its audit of Petroleum Costs.
15.6 Should the GOVERNMENT consider, on the basis of data and information available, that the CONTRACTOR made a material mistake or there is any irregularity in...
Accounting and Audits. OP shall comply with generally accepted fiscal management and accounting principles. The Parties shall comply with the financial performance goals detailed in Xxxxxxxx X-0, which shall include, but is not limited to a completion of OP’s annual financial report, receipt of an unqualified audit opinion, and specific consequences in the event that OP does not meet the financial performance goals. In addition to any audits required by Applicable Law, OP shall submit to the District within 180 days following the end of each fiscal year during the Term of this Agreement, financial statements audited by an independent certified public accountant. The District shall also retain the right to conduct its own campus audit of the School and annual audit of OP as it deems necessary. OP agrees to comply with all rules, regulations, ordinances, statutes, and other laws, whether local, state or federal, including, but not limited to, all audit and other requirements of the Single Audit Act of 1984. In the event an audit occurs and any expenditures relating to this Agreement are disallowed, OP agrees to reimburse the District immediately for the requisite full amount.
Accounting and Audits. The School District's accounting and audit services shall comply with the Requirements for Accounting, Budgeting, Financial Reporting, and Auditing, as adopted by the Ill. State Board of Education (ISBE), State and federal laws and regulations, and generally accepted accounting principles. Determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with government accounting standards as directed by the auditor designated by the Board. The Superintendent, in addition to other assigned financial responsibilities, shall report monthly on the District's financial performance, both income and expense, in relation to the financial plan represented in the budget. At the close of each fiscal year, the Superintendent shall arrange an audit of the District funds, accounts, statements, and other financial matters. The audit shall be performed by an independent certified public accountant designated by the Board and be conducted in conformance with prescribed standards and legal requirements. A complete and detailed written audit report shall be provided to each Board member and to the Superintendent. The Superintendent shall annually, on or before October 15, submit an original and one copy of the audit to the Regional Superintendent of Schools. The Superintendent or designee shall annually prepare and submit the Annual Financial Report on a timely basis using the form adopted by the ISBE. The Superintendent shall review and discuss the Annual Financial Report with the Board before it is submitted.
Accounting and Audits. OP shall comply with generally accepted fiscal management and accounting principles. In addition to any audits required by Applicable Law, OP shall submit to TISD within 180 days following the end of each fiscal year during the Term of this Agreement financial statements audited by an independent certified public accountant. OP agrees to comply with all rules, regulations, ordinances, statutes, and other laws, whether local, state or federal, including, but not limited to, all audit and other requirements of the Single Audit Act of 1984. In the event an audit occurs and any expenditures relating to this Agreement are disallowed, OP agrees to reimburse TISD immediately for the full amount of such.
Accounting and Audits. The City will maintain, and will ensure that any Project subconsultant or subcontractor will maintain, a financial management system that conforms to Generally Accepted Accounting Principles (GAAP), and that can properly accumulate and segregate incurred Project costs and xxxxxxxx. The Parties will maintain and make available to each other all work-related documents during the term of this Agreement. The City must retain documentation and reports for a minimum of three years after the date of issuance of the auditor’s report(s) to the City; or until completion of any litigation, claim or audit, whichever is longer. The City shall require any subconsultants or subcontractors hired to participate in the work to comply with this Section. The City shall permit C/CAG and C/CAG’s authorized representative to have access to the City’s books, records, accounts, and any and all work products, materials, and other data relevant to this Agreement, for the purpose of making an audit, examination, excerpt and transcription during the term of this Agreement and for the period specified in this Section. In no event shall the City dispose of, destroy, alter, or mutilate said books, records, accounts, work products, materials and data for that period of time.
Accounting and Audits. 41.1. Maintaining proper accounting records
(a) The Contractor shall be responsible for maintaining accounting records relating to Petroleum Operations under this Agreement in accordance with the Accounting Procedures (set out in Annex C), Applicable Law and accepted accounting best practices generally used in the international Petroleum industry.
(b) Accounting and related records kept under this Agreement shall record in sufficient detail and clarity the work performed under the Agreement, the costs incurred, and the quantity and value of all Petroleum produced and saved from the Contract Area and not used in Petroleum Operations.
(c) Transactions shall be recorded in such a manner as to provide a clear and detailed understanding of the sub-components of each item including, without limitation, such costs as broker's fees, transportation charges, loading and unloading fees, demurrage, import duties, surcharges and licence fees associated with the procurement of materials and equipment, and applicable taxes.
Accounting and Audits. (a) GSK shall keep, and shall require its Affiliates and sub-licensees to keep, complete and accurate records of the latest [*****] of sales of Products on which royalties are due hereunder and of Development and Commercialization expenditures for purposes of Section 4.4, above. For the purpose of verifying royalties due to Scios hereunder and expenditures claimed by GSK hereunder for purposes of Section 4.4, Scios shall have the right annually, at Scios's expense, to retain an independent certified public accountant selected by Scios and reasonably acceptable to GSK, to review such records in the location(s) where such records are maintained by GSK, its Affiliates or its sub-licensees upon reasonable notice and during regular business hours and under obligations of confidence. Results of such review shall be made available to both Scios and GSK. If the review reflects an underpayment of royalties to Scios such underpayment shall be promptly remitted to Scios, together with interest at LIBOR plus two percent. If the underpayment of royalties, or any over reporting of expenditures by GSK is equal to or greater than [*****], then GSK pay all of the costs of such review. If the review reflects an overpayment to Scios, Scios shall promptly refund the amount of the overpayment to GSK, together with interest calculated at LIBOR plus two percent.
(b) Scios shall keep complete and accurate records of the latest [*****] of supply hereunder sufficient to enable GSK to confirm Scios' Cost of Goods. For the purpose of verifying Cost of Goods, GSK shall have the right [*****] to retain an independent certified public accountant selected by GSK and reasonably acceptable to Scios, to review such records in the location(s) where such records are maintained, upon reasonable notice and during regular business hours and under obligations of confidentiality. Results of such review shall be made available to both Scios and GSK. If the review reflects an overcharge by Scios, such overcharge [*****] - A CONFIDENTIAL PORTION OF THE MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION shall be promptly remitted to GSK, together with interest calculated in the manner provided in Section 10.9, below. If the amount of such overcharge is equal to or greater than [*****], then Scios pay all of the costs of such review. If the review reflects an undercharge by Scios, GSK shall promptly refund the amount of the overpayment to Scios, together with int...