Common use of Audit of Consultant’s Business Operations and Financial Records Clause in Contracts

Audit of Consultant’s Business Operations and Financial Records. (1) All costs billed to the State are subject to audit. The Consultant, and by way of subcontract, all Subconsultants or subcontractors, shall allow the designated State auditors to perform an audit as deemed appropriate. Such an audit shall take into consideration consistent application of the Generally Accepted Accounting Principles (GAAP) and Contract Cost Principles and Procedures as set forth in Chapter 1 of the Federal Acquisition Regulation (FAR), 48 CFR Part 31 and any other mutually agreed upon policies or regulations.

Audit of Consultant’s Business Operations and Financial Records. (1) All costs billed to the State are subject to audit. The Consultant, and by way of subcontract, all Subconsultants or subcontractors, shall allow the designated State auditors to perform an audit as deemed appropriate. Such an audit shall take into consideration consistent application of the Generally Accepted Accounting Principles (GAAP) and Contract Cost Principles and Procedures as set forth in Chapter 1 of the Federal Acquisition Regulation (FAR), 48 CFR Part 31 and any other mutually agreed upon policies or regulations.