Okla. Admin. Code § 70:10-3-31

Current through Vol. 41, No. 24, September 3, 2024

Section 70:10-3-31 - Audit and financial records

(a) Separate financial records must be maintained by the organizations for any project that has received funding from the Oklahoma Arts Council. These records must be kept on file for a minimum of three years following submission of the final report and are subject to state and/or federal audits any time during those three years.

(b) As of July 1, 1983 all qualified organizations receiving financial assistance may have to submit an independent and certified audit of the organization and of previous Council projects. "Independent and certified audit" shall mean an audit performed by a Public Accountant or Certified Public Accountant registered with the Oklahoma Board of Public Accountancy. The audit shall be to the standards established by the Board of Public Accountancy for audits and shall include the specific state and/or federal requirements. Council will establish criteria for selection for organizations to submit audit information.

Okla. Admin. Code § 70:10-3-31

Added at 21 Ok Reg 2008, eff 6-25-04