Common use of Minimum Accounting Requirements and Audit Requirements Clause in Contracts

Minimum Accounting Requirements and Audit Requirements. The Concessionaire and any subcontractors will document compliance with the Minimum Accounting Requirements detailed in Exhibit C. The Concessionaire and any subcontractors will establish and maintain books, records, and documents directly pertinent to performance under this Agreement according to the Minimum Accounting Requirements and with generally accepted accounting principles. The Department and other appropriate government agencies will have access to all records for audit purposes during the Term of this Agreement and for five years following the Agreement’s expiration or termination. The Department will conduct audits at locations and at a frequency determined by the Department or other state agency and communicated to the Concessionaire and any subcontractor. The Concessionaire and any subcontractor will provide materials for the audit at the designated place within 20 days after receiving the Department’s or other government agency’s notice. In addition, the Department may require the Concessionaire, and any subcontractor, to procure an annual financial audit of the Concessionaire’s or subcontractor’s operations if the appropriate government agency’s audit shows that the Limited Engagement document (prepared pursuant to subsection f, below) shows a gross sales discrepancy of greater than five percent (5%) from such agency’s audit. The audit will be conducted by a Certified Public Accountant at the Concessionaire’s or subcontractor’s expense. The Concessionaire agrees the audit will be conducted in accordance with generally accepted auditing and accounting principles and will be completed within a reasonable time frame, which will not be set at less than 90 days by the Department.

Minimum Accounting Requirements and Audit Requirements. The Concessionaire and any subcontractors will document compliance with the Minimum Accounting Requirements detailed in Exhibit C. The Concessionaire and any subcontractors will establish and maintain books, records, and documents directly pertinent to performance under this Agreement according to the Minimum Accounting Requirements and with generally accepted accounting principles. The Department and other appropriate government agencies will have access to all records for audit purposes during the Term of this Agreement and for five years following the Agreement’s expiration or termination. The Department will conduct audits at locations and at a frequency determined by the Department or other state agency and communicated to the Concessionaire and any subcontractor. The Concessionaire and any subcontractor will provide materials for the audit at the designated place within 20 days after receiving the Department’s or other government agency’s notice. In addition, the Department may require the Concessionaire, and any subcontractor, to procure an annual financial audit of the Concessionaire’s or subcontractor’s operations if the appropriate government agency’s audit shows that the Limited Engagement document (prepared pursuant to subsection f, below) shows a gross sales discrepancy of greater than five percent (5%) from such agency’s audit. The audit will be conducted by a Certified Public Accountant at the Concessionaire’s or subcontractor’s expense. The Concessionaire agrees the audit will be conducted in accordance with generally accepted auditing and accounting principles and will be completed within a reasonable time frame, which will not be set at less than 90 days by the Department.Department.‌‌‌