La. Admin. Code tit. 7 § XXXVI-115

Current through Register Vol. 50, No. 8, August 20, 2024

Section XXXVI-115 - Audits and Inspections

A. Access for Audits. Each certified market participant shall permit the commissioner to enter all locations listed on the application for designation as a certified market participant and inspect, examine and/or audit all contents, facilities, equipment records, books and accounts relating thereto at any time during normal working hours, with or without notice.

B. Frequency and Time of Audits. Audits shall be done at least once a year and may be done at any time that the commissioner deems it appropriate.

C. Cooperation in Audits. The certified market participant shall provide the necessary assistance and records required for any inspection, examination and/or audit made in accordance with the Act.

D. Records and Documentation. Each audit shall establish adequate documentation of all transactions concerning the purchase of agricultural commodities or products by certified market participants, the fermentation, distillation and production of ethanol in Louisiana, the sale of gasohol in Louisiana and the verification that taxes arising from ethanol and gasohol sales have been paid to the Department of Revenue and Taxation. Consistent with achieving the above mentioned objectives, the commissioner shall require that the certified market participant maintain for compliance and verification all records necessary to establish adequate documentation consistent with industry practice, generally accepted accounting principles and generally accepted audit standards. The above data will be maintained at the principal office of the certified market participant for verification and compliance purposes and such shall be exempt from public disclosure under R.S. 44:1 et seq., and R.S. 3:3708(A.) unless an adjudicatory hearing is held.

La. Admin. Code tit. 7, § XXXVI-115

Promulgated by the Department of Agriculture and Forestry, Office of Management and Finance, Agricultural Industry Board, LR 12:508 (August 1986).

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:3704.