| (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. |
