1. (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.
2. (b) Submission date. The annual audit shall be submitted to the executive director within 120 days after the end of the fiscal year.
3. (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.
4. (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 department notifies the RMA in writing to extend the retention period.
5. (e) Availability of audit work papers. If requested by the department, audit work papers shall be made available to the executive director, within 30 days of request, at any time during the retention period.

Source Note:The provisions of this §26.62 adopted to be effective March 18, 2004, 29 TexReg 2722.