Common use of Authority's Right to Audit Clause in Contracts

Authority's Right to Audit. The Authority shall have the right, upon reasonable notice to the Contractor, to audit the corporate books and records relating to the Contractor’s operation in order to determine the accuracy and completeness of the fees paid to the Authority for any contract year which ended no more than three (3) years prior to the date of commencement of such audit. The Authority’s right to audit will extend to related parties of the Contractor. Additionally, the Authority representatives may conduct interviews with Contractor personnel, contact financial institutions and make copies of records as necessary. The Authority and its auditors also shall have the right to conclude that the documents provided in support of the audit are the Contractor’s complete records; that transactions lacking source documents may be subjected to additional scrutiny and a recommendation for recovery of any additional Gross Receipts associated with the missing documents or a decision to exclude any amount normally included as an allowable deduction.

Authority's Right to Audit. The Authority shall have the right, upon reasonable notice to the Contractor, to audit the corporate books and records relating to the Contractor’s operation in order to determine the accuracy and completeness correctness of the fees paid to the Authority for any contract year which ended no more than three (3) years prior to the date of commencement of such audit. The Authority’s right to audit will extend to related parties of the Contractor. Additionally, the Authority representatives may conduct interviews with Contractor personnel, contact financial institutions and make copies of records as necessary. The Authority and its auditors also shall have the right to conclude that the documents provided in support of the audit are the Contractor’s complete records; that transactions lacking source documents may be subjected to additional scrutiny and a recommendation for recovery of any additional Gross Receipts associated with the missing documents or a decision to exclude any amount normally included as an allowable deductiondeduction and make copies of records as necessary.