BOOKS, ACCOUNTS AND AUDITS. (1) The Contractor shall keep books and accounts in accordance with the Accounting Procedure and shall submit to the Minister a statement of those accounts, not more than three (3) months after the end of each Calendar Year.
(2) At the request of the Minister, the Contractor shall appoint an independent auditor of international standing, approved by the Government to audit annually the books and accounts of the Contractor and report thereon; and the cost of such audit shall be at the charge of the Contractor and cost recoverable.
(3) The Government may audit the books and accounts in accordance with the provisions of the Accounting Procedure within two
BOOKS, ACCOUNTS AND AUDITS. BOOKS AND ACCOUNTS
14.1. In addition to any requirements pursuant to paragraph (b) of subsection 4 of Section 5, the contractor shall keep complete books and accounts recording all operating costs as well as monies received from the sale or disposal of petroleum production.
BOOKS, ACCOUNTS AND AUDITS. (1) The Contractor shall keep books and accounts in accordance with the Accounting Procedure and shall submit to the Minister a statement of those accounts, not more than three (3) months after the end of each Calendar Year.
(2) At the request of the Minister, the Contractor shall appoint an independent auditor of international standing, approved by the Government to audit annually the books and accounts of the Contractor and report thereon; and the cost of such audit shall be at the charge of the Contractor and cost recoverable.
(3) The Government may audit the books and accounts in accordance with the provisions of the Accounting Procedure within two (2) Calendar Years of the period to which they relate, and shall complete that audit within one (1) Calendar Year.
(4) In the absence of an audit within two (2) Calendar Years or in the absence of notice to the Contractor of a discrepancy in the books and accounts within three (3) Calendar Years of the period to which the audit relates the Contractor's books and accounts shall be deemed correct.
BOOKS, ACCOUNTS AND AUDITS. 15.1 The Contractor shall maintain its records and books in accordance with the provisions of applicable companies’ and taxation laws and regulations in force in the Republic from time to time, and the Accounting Procedure attached hereto as Annex C.
15.2 Records and books shall be maintained in the English language and expressed in Euros. They shall be supported by detailed documents demonstrating the expenses and receipts of the Contractor under this Contract.
15.3 The originals or duly certified digital copies of the records and books referred to in Article 15.1 shall be kept at the Contractor’s office in the Republic.
15.4 Within ninety (90) days after the expiry of a Calendar Year, the Contractor shall submit to the Minister detailed accounts showing the Hydrocarbons Costs which the Contractor has incurred during said past Calendar Year. The accounts shall be certified by an independent external auditor acceptable to the Parties, who is authorized to carry out the statutory audit of annual and consolidated accounts in accordance with the provisions of Law No. 42(I)/2009 as amended from time to time or any law replacing the above.
15.5 After notifying the Contractor in writing, the Minister may cause to be examined and audited the records and books relating to Hydrocarbons Operations and any sale of Hydrocarbons produced in accordance with this Contract by experts of his election or by agents of the Republic. The Minister will have a period of seven (7) Calendar Years from the end of a given Calendar Year to perform such examinations or audits with respect to said Calendar Year and notify his objections to the Contractor for any contradictions or errors found during such examinations or audits. The Contractor shall provide any necessary assistance to the persons designated by the Minister for that purpose and facilitate their performance.
15.6 If any such examination or audit finally determines that Hydrocarbons Costs have been overstated, or revenue accruing to the Republic under this Contract has been understated, by more than three percent (3%), all costs of the examination or audit shall be borne or reimbursed by the Contractor and no portion of such costs of inspection or audit may be included in the Hydrocarbons Costs. Appropriate adjustments in payments and cumulative recoverable Hydrocarbons Costs shall be made to adjust for all misstatements identified as a result of any such examination or audit.
BOOKS, ACCOUNTS AND AUDITS. 24.1 The Contractor shall maintain books and accounts in the English language, at the Contractor’s office in Somalia, in accordance with the Accounting Procedure and International Financial Reporting Standards (IFRS) and shall, not later than ninety (90) days after the end of each Calendar Year, submit to the SPA a statement of those accounts and a consolidated annual report of its parent company.
24.2 The Contractor shall appoint an independent auditor of international standing, approved by the Federal Government, to audit annually the books and accounts of the Contractor and the Petroleum Operations and report thereon. The cost of such audit shall be borne by the Contractor and considered as recoverable cost under the Agreement.
24.3 The Federal Government may audit the books and accounts relating to the Petroleum Operations and any sale of Petroleum produced in accordance with the Agreement, within ten (10) Calendar Years of the end of the period to which they relate, and shall complete such audit within one hundred and eighty (180) days. The Contractor shall provide the SPA with any required explanations as soon as possible (and in any case not later than thirty (30) days of request) and shall provide all necessary assistance to the Persons designated by the Federal Government for that purpose and facilitate their performance.
24.4 In the absence of an audit performed within ten (10) Calendar Years or in the absence of notice to the Contractor of a discrepancy in the books and accounts within ten (10) Calendar Years of the end of the period to which the audit relates, the Contractor's books and accounts shall be deemed accurate and complete.
24.5 Nothing in this clause shall be construed as limiting the right of the Federal Government or the SPA, pursuant to any power granted by Law, to audit or cause to be audited the books of the Contractor or the Operator.
BOOKS, ACCOUNTS AND AUDITS. 18.1 The Contractor shall maintain its records and books in accordance with the provisions of applicable companies and taxation legislation and the regulations thereof, in force in the Republic from time to time, and the Accounting Procedure attached hereto as Annex C.
18.2 Records and books shall be maintained in the English language and expressed in Euros. They shall be supported by detailed documents demonstrating the expenses and receipts of the Contractor under this Contract.
18.3 The originals of the records and books referred to in Article 18.1 shall be kept at the Contractor’s office in the Republic of Cyprus. As from the date the Contractor has declared the first Commercial Discovery in the Contract Area, said records and books shall be maintained in the Republic of Cyprus.
BOOKS, ACCOUNTS AND AUDITS. 18.1 The Contractor shall maintain its records and books in accordance with the provisions of applicable companies and taxation legislation and the regulations thereof, in force in the Republic from time to time, and the Accounting Procedure attached hereto as Annex C.
18.2 Records and books shall be maintained in the English language and expressed in Euros. They shall be supported by detailed documents demonstrating the expenses and receipts of the Contractor under this Contract.
18.3 The originals of the records and books referred to in Article 18.1 shall be kept at the Contractor’s office in the Republic of Illyria. As from the date the Contractor has declared the first Commercial Discovery in the Contract Area, said records and books shall be maintained in the Republic of Illyria.
BOOKS, ACCOUNTS AND AUDITS. 1The Contractor shall maintain books and accounts in the English language, at the Contractor´s office in Somalia, in accordance with the Accounting Procedure and Law and shall, not later than [90] days after the end of each Calendar Year, submit to the Minister of Petroleum and the Authority a statement of those accounts and a consolidated annual report of its parent company.
BOOKS, ACCOUNTS AND AUDITS. 20.1 Operator's Responsibility for Books and Accounts Operator shall be responsible for keeping complete books and accounts reflecting costs, expenses and liabilities of Petroleum Operations under this Agreement, consistent with Good Oilfield Practices as described in the Accounting Procedure attached hereto as Exhibit "C".
