Common use of Auditing and Accounting Clause in Contracts

Auditing and Accounting. The Secretary may conduct audits relating to the scope, nature and ex- tent of compliance with the minerals agreement and with applicable regula- tions and orders to lessees, operators, revenue payors, and other persons with rental, royalty, net profit share and other payment requirements arising from the provisions of a minerals agreement. Procedures and standards used for accounting and auditing of minerals agreements will be in accord- ance with audit standards established by the Comptroller General of the United States, in ‘‘Standards for Audit- ing of Governmental Organizations, Programs, Activities, and Functions, 1981,’’ and standards established by the American Institute of Certified Public Accountants.