Oklahoma Administrative Code › Title 725 - Oklahoma Tourism and Recreation Department › Chapter 20 - Marketing Services Operation › Subchapter 7 - Reimbursement of Matching Funds to Multicounty Organizations › Section 725:20-7-9 - Independent and certified audit

Current through Vol. 41, No. 20, July 1, 2024
Each multicounty organization that receives matching funds
				  shall provide to the Department an audit for the fiscal year. The audit shall
				  be performed by a public accountant or certified public accountant registered
				  with the Oklahoma Accountancy Board.
(1) The audit shall be a financial audit as
				defined by "Government Auditing Standards", issued by the Comptroller General
				of the United States, and due no later than January 20 each year.
(2) The scope of the audited financial report
				shall, at a minimum, consist of a statement of revenue and expenditures, and
				shall specify the sources and uses of funds and the fundraising method(s) shall
				be described.
(3) The audited
				financial report shall identify separately the disbursement of all allowable
				and discretionary expenditures. Examples of discretionary promotion
				expenditures shall be provided as a supplement to the audit to determine
				whether such expenditures satisfied the requirements to be reimbursed with
				matching funds.
(4) Revenue
				reported shall include all advertising revenue received and define all other
				individual sources of revenue. The names and addresses and amounts received
				from each advertiser shall be included as an unaudited supplemental schedule to
				the audit report.
(5) The auditor's
				Report on Compliance with Rules and Regulations shall address whether a
				contractor who solicited advertising revenue for the production of a
				promotional periodical publication provided detailed written disclosure of its
				actual costs incurred in performance of the contract on at least a quarterly
				basis.
(6) Audit reports showing
				reimbursement of unallowable expenditures, reimbursement for expenditures by an
				individual or entity other than the multicounty organization, or noncompliance
				with statutes, procedures, or Department rules and regulations will bar further
				reimbursement of matching funds until restitution is made to the
				Department.
(7) An incomplete or
				insufficient audit report shall be cause for withholding matching funds until
				such time as an acceptable audit is provided.
(8) The person or entity engaged to perform
				the audit shall not be the same person or entity that performs bookkeeping,
				controllership or management functions, or other accounting services for the
				multicounty organization; and, file a copy of the audit with the State Auditor
				and Inspector.
(9) While not a part
				of the audit and not subject to the standards of the audit: the performance
				measures report (as prescribed by the Department), evaluative measures report
				that records the origin and number of inquiries, and examples of advertising
				not submitted for reimbursement with matching funds shall be submitted to the
				Department separate from the audit; but, simultaneously with the
				audit.
(10) When an audit cites
				deficiencies or shortcomings, the organizations shall include a response
				describing how the deficiencies or shortcomings will be corrected.
				Organizations will not be eligible for funding until the shortcomings
				identified in the audit are corrected.
Added at 10 Ok Reg 4149,
				  eff 7-26-93; Amended at 19 Ok Reg 2810, eff 7-25-02; Amended at 23 Ok Reg 2004,
				  eff 6-11-06