Common use of Accounts and records keeping Clause in Contracts

Accounts and records keeping. The Host Organisation must keep financial accounts and records relating to the Funds and the Grant Activities to enable: (a) the preparation of Financial Reports in accordance with Australian Accounting Standards; (b) generation of an income and expenditure statements for each financial year of the Term, including: i. a schedule of the Equipment acquired, sold, written-off or otherwise disposed of during each financial year; ii. a comparison of the income and expenditure in each financial year against the Approved Annual Budget; and iii. the audit of those records in accordance with Australian Auditing Standards.