REVIEW OF ACCOUNTING AND REPORTING PRACTICES Sample Clauses

REVIEW OF ACCOUNTING AND REPORTING PRACTICES. The Administrator shall review the accounting and reporting practices of the Clubs, as reflected in Club financial information submitted in connection with the FIQs, audited financial statements, and any SIQs or supplemental information required by the Administrator to be submitted by Clubs. The Administrator shall also conduct regular full independent audits of the Clubs and of particular significant transactions (e.g., related party transactions). In this regard, the Reports described in Section B(3)(b) recommend that all Clubs should undergo a full compliance audit in the first revenue sharing year and that thereafter, each Club should undergo a full compliance audit at least every other revenue sharing year. (Utilization by the Administrator of the recommendations contained in the Reports is subject to consultation with the Association and the other procedures set out in this Section D.) The Administrator shall advise the Association in advance of the scheduling of all such audits. The Administrator is also authorized to make appropriate changes, in furtherance of the objectives described below in Section D(2)(c), in the definitions, accounting conventions, policies or practices reflected in the FIQ, subject to prior notice to, and consultation with, the Association. The Administrator is also authorized to require more detailed Club submission of line items as set out in the FIQ.
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Related to REVIEW OF ACCOUNTING AND REPORTING PRACTICES

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