Section 26.62 - Annual Audits(a) General. The RMA shall maintain its books and records in accordance with generally accepted accounting principles in the United States, as promulgated by the Government Accounting Standards Board, the Financial Accounting Standards Board, or pursuant to applicable federal or state laws or regulations, and shall have an annual financial and compliance audit of such books and records in accordance with this section.(b) Submission date. The annual audit shall be submitted to each county or city that is a part of the RMA within 120 days after the end of the fiscal year.(c) Certification. The financial and compliance audit must be conducted by an independent certified public accountant in accordance with generally accepted auditing standards, as modified by the governor's Uniform Grant Management Standards, or the standards of the Office of Management and Budget Circular A-133, Audits of States, Local Governments and Non-profit Organizations, as applicable.(d) Paperwork retention period. All work papers and reports shall be retained for a minimum of four years from the date of the audit report, unless the counties or cities that are parts of the RMA require a longer retention period.43 Tex. Admin. Code § 26.62
The provisions of this §26.62 adopted to be effective March 18, 2004, 29 TexReg 2722; amended to be effective January 5, 2012, 36 TexReg 9350