Section R. 247.4301 - Financial and compliance auditsRule 301.
(1) A recipient of funds under the local public transportation operating grants section and the new services section of the act shall provide, to the department, an annual financial and compliance audit report and management letter within 120 calendar days from the end of the local fiscal year. The report shall include a response certified by an independent certified public accountant in accordance with the department's and the Michigan department of treasury's audit guide. The Department may grant an extension of up to 60 days upon receipt of a written request.(2) Failure to comply with the audit section of the act may result in the withholding of local public transportation operating grants and new services grants under the act as required under the withholding section of the act and R 247.4303.(3) The department shall audit a recipient of funds under sections other than the local public transportation operating grants and new services grants sections of the act in accordance with the contract entered into by the recipient and the department.Mich. Admin. Code R. 247.4301