ACCOUNTS AND AUDIT. 18.1 The Supplier shall keep proper and accurate books and records, including all invoices, receipts and vouchers, relating to the Services and all expenditures and commitments made in connection therewith. The Supplier shall make such books and records available to the Local Government for review or audit within ten (10) days following receipt of a request from the Local Government to do so. The Supplier agrees that it shall retain all such books and records and make them available for review or audit by the Local Government for a period of three (3) years after the date of final payment by the Local Government hereunder. Any review or audit by the Local Government pursuant to this Section 18.1 shall be carried out by the Local Government at the Local Government’s expense.
ACCOUNTS AND AUDIT. 21.1 The Concessionaire shall maintain full accounts of all Fees including Realisable Fees and other revenues derived/collected by it from and on account of use of the Project and of O&M Expenses and other costs paid out of the Project Escrow Account and shall provide to the Authority copies of the said accounts duly audited and certified by the Concessionaire’s Statutory Auditors within 120 (one hundred twenty) days of the close of each Accounting Year to which they pertain, during the subsistence of this Agreement. Such audited accounts shall form the basis of various payments by either Party under this Agreement. The Concessionaire shall also furnish, within one week of its publication, certified copies of the audited accounts and annual report published by the Company under the Applicable Laws.
21.2 The Concessionaire shall appoint and have during the subsistence of this Agreement as its Statutory Auditors (the “Statutory Auditors”) a firm of Chartered Accountants duly licensed to practice in India out of the mutually agreed list of 10 (ten) independent and reputable firms of Chartered Accountants in India (the ‘List of Chartered Accountants”). The criteria for preparing the List of Chartered Accountants are set forth in Schedule -11. Subject to a 30 days notice to Authority and the replacement Statutory Auditors being appointed from the List of Chartered Accountants, the Concessionaire may terminate the appointment of any Statutory Auditor appointed in accordance with this Article. The fees and expenses of the Statutory Auditors shall be borne by the Concessionaire.
21.3 On or before the fifteenth day of April each year, the Concessionaire shall provide for the preceding Accounting Year a statement duly audited by its Statutory Auditors giving summarized information, the revenues derived from the Project and such other information as the Authority may reasonably require.
21.4 Notwithstanding anything to the contrary contained in this Agreement, the Authority shall have the right but not the obligation to appoint at its cost another firm of Chartered Accountants from the List of Chartered Accountants (the “Additional Auditor”) to audit and verify all those matters, expense, costs, realisations and things which the Statutory Auditors of the Concessionaire, are required to do, undertake or certify pursuant to this Agreement.
21.5 In the event of there being any difference between the finding of the Additional Auditor or the Concurrent Auditor, as the cas...
ACCOUNTS AND AUDIT. 8.1 The Lessee shall appoint and have during the subsistence of this Agreement as its ‘Statutory Auditors’ a firm of Chartered Accountants duly leased to practice in India.
8.2 The Lessee shall maintain full accounts of all inflows collected by it from the Leased Space(s) and of O&M Expenses and other costs.
8.3 Notwithstanding anything to the contrary contained in this Agreement, DMRC shall have the right, but not the obligation, to appoint at its cost, another firm of chartered accountants to independently audit (“Independent Auditor”) and verify all matters, expenses, costs, realizations which have been carried out by the Statutory Auditors of the Lessee. In such an event, the Lessee shall provide to such Independent Auditor access to all documents and records, without demur or reservation.
8.4 In the event of their being any difference between the finding of the Independent Auditor, as the case may be, and the certification provided by the Statutory Auditors of the Lessee, such Auditors shall meet to resolve such differences and if they are unable to resolve the same such disputed certification shall be resolved by recourse to the Dispute Resolution Procedure.
ACCOUNTS AND AUDIT. 19.1. The Company shall keep records that are sufficient to show and explain the Company’s transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.
19.2. The Company may by Resolution of Shareholders call for the directors to prepare periodically and make available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities of the Company as at the end of a financial period.
19.3. The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.
19.4. The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed by Resolution of Shareholders or by Resolution of Directors.
19.5. The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor of the Company during their continuance in office.
19.6. The remuneration of the auditors of the Company may be fixed by Resolution of Directors.
19.7. The auditors shall examine each profit and loss account and balance sheet required to be laid before a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:
(a) in their opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that period; and
(b) all the information and explanations required by the auditors have been obtained.
19.8. The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.
19.9. Every auditor of the Company shall have a right of access at all times to the books of account and vouchers of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he thinks necessary for the performance of the duties of the auditors.
19.10. The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders at which the Company’s profit and loss account and balance sheet are to be presented.
ACCOUNTS AND AUDIT. 23.1.1 The Concessionaire shall maintain books of accounts recording its income, expenditure, receipts and payments, and assets and liabilities in accordance with Applicable Law. Upon written request by Maha-Metro and/or any Govt. Organizations, it shall provide to Maha-Metro and/or Govt. Organizations two (2) copies of its Audited Annual accounts including the balance sheet and profit and loss account audited by its statutory auditors along with Annual report thereon, as soon as reasonably available.
ACCOUNTS AND AUDIT. 17.1 The Supplier shall keep proper and accurate books and records, including all invoices, receipts and vouchers, relating to the Services and all expenditures and commitments made in connection therewith. The Supplier shall make such books and records available to NSHA for review or audit within ten (10) days following receipt of a request from NSHA to do so. The Supplier agrees that it shall retain all such books and records and make them available for review or audit by NSHA for a period of three (3) years after the date of final payment by NSHA hereunder. Any review or audit by NSHA pursuant to this Article 17 shall be carried out by NSHA at NSHA’s expense.
ACCOUNTS AND AUDIT. (a) The Recipient must keep full and proper records to demonstrate compliance with all aspects of this Agreement. The Recipient must keep LaunchVic fully informed of all aspects of the progress of the Project on request, and will co-operate with LaunchVic and provide LaunchVic with all information reasonably requested by LaunchVic or any third party engaged by LaunchVic to conduct any audit or inspection.
(b) The Recipient must keep accounting records relating to the Grant and must account for the Grant expenditure separately from other funds in a separate bank account and in accordance with generally accepted accounting principles. The accounts for the Grant should, at a minimum, itemise the Recipient’s expenditure of the Grant and, in relation to each item, describe the nature of expenditure, the amount and the connection to the approved budget for the Project Plan. The Recipient must keep valid Tax Invoices in respect of all items of expenditure of the Grant.
(c) Upon request, the Recipient must permit LaunchVic or an auditor appointed by LaunchVic access to accounting records relating to the Project and Grant and where relevant to inspect any Project works, the Project site or any equipment relating to the Project.
(d) At any time before the Completion Date, LaunchVic may inspect or audit all or any of the Recipient’s processes for the purposes of monitoring the standard and quality of, and progress in relation to, the Project. If any Payment Deliverable is unsatisfactory to LaunchVic, acting reasonably, LaunchVic has the discretion to ask the Recipient to rectify any such Payment Deliverable to LaunchVic’s satisfaction.
(e) The Recipient must be provided with at least 1 weeks’ notice in writing of any audit or inspection requested by LaunchVic under this clause 7.
ACCOUNTS AND AUDIT. The Board shall cause correct accounts to be kept:
(a) of the assets and liabilities;
(b) of any amount of money received or expended by the Company and the xxxxxx for which such sum of money is expended or received; and
(c) of all purchases and sales made by the Company.
ACCOUNTS AND AUDIT. 27.1.1 The Concessionaire shall maintain books of accounts recording all its receipts (including all revenues derived/collected by it from or on account of the Project and/or its use), income, expenditure, payments (including payments from the Escrow Account), assets and liabilities, in accordance with this Agreement, Good Industry Practice,
ACCOUNTS AND AUDIT. 7.1 Prior to the Completion Date of the Project and for three years after the period described in Article 6.2, the Proponent shall:
(a) keep proper books, accounts and records of its Revenue and any contributions received and expenses incurred and paid in connection with the Project and shall keep its invoices, receipts and vouchers relating thereto;
(b) keep proper and accurate records relating to the environmental impact (if any) of the Project; and
(c) on demand, make available to the Minister such books, accounts, records, invoices, receipts and vouchers referred to above and permit the Minister to examine and audit and take copies and extracts from such documents.
7.2 If any discrepancy is identified between the amounts paid by Canada and the amounts actually payable under this Agreement, the appropriate adjustments shall be promptly made between the parties. If there has been an overpayment by Canada, the amount of the overpayment shall constitute a debt due to Canada and may be so recovered.
