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Rule §62.603 Audit Standards

Published: 2015

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(a) The OAG requires a contractor to conduct or undergo
an annual audit of a contract, including sub-contracts, based on federal
and state audit requirements and following audit standards set forth
in UGMS and all applicable federal circulars.
(b) A contractor must submit to the OAG two copies
of all audit reports, including audits as required in UGMS and all
other audits that a contractor undergoes, regardless of the purpose.
Such reports must be submitted to the OAG within 30 calendar days
of completion.
(c) OAG contract funds may only be used for the fair
and reasonable share of audit costs required by the OAG, in accordance
with applicable federal and state cost principles.

Source Note: The provisions of this §62.603 adopted to be effective September 5, 2013, 38 TexReg 5700