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Page 5 of 6 Section 4. Accounting Records (a) The County of Cabarrus will be responsible for the establishment and maintenance of an accounting system for the planning work of the Agency as set out in this Agreement. (b) The County of Cabarrus shall keep records in such a manner as to show the nature of each cost making np the total cost. All direct costs incurred applicable to work under this Agreement must be supported by documents such as time sheets, travel logs, receipts, invoices, or other suitable evidence~ The accounting procedures which are established for planning work-as set out in this Agreement must be ii1 accordance with generally acceptable accounting principles and reviewed and approved by the Department and the Federal Highway Administration in accordance with established procedures. (c) In accordance with Attachment P, dated October 22, 1979, of OMB Circular A-102, the County.of Cabarrus shall arrange for independent financial and compliance audits of its fiscal operations. The audit is to determine (1) financial operations are conducted properly, (2) financial statements are presented fairly, (3) the Agency has complied with laws and regulations affecting the expenditure of Federal funds, (4) internal procedures have been established to meet the objectives of federally assisted programs, and (5) financial reports 'to the Federal Government contain accurate and reliable information. Such audits usually will be made annually, but not less frequently than every two years. Four copies of the independent audit report are to be submitted to the Planning and Research Branch, Division of Highways, North Carolina Department of Transportation. (d) The County of Cabarrus and consultants employed by the County of Cabarrus on behalf of the Agency shall maintain all books, documents, papers, accounting records and other evidence pertaining to cost incurred for a period of not less than three (3) years from date of final payment. Such records will be available for inspection and audit by the Department or tile Federal Highway Administration. (e) All consultants employed by tile County of Cabarrus on behalf of the Agency using Section 112 Planning Funds as set forth ill this Agreement must maintain accounting records in full compli- ance with the provisions of subparagraphs (b) and (d) above, and be approved by the Department and the Federal Highway Administra- tion. (f) It is further understood and agreed that in the event the U. S. Department of Transportation fails to participate in ally cost of any portion of work provided for herein because of noncompliance with Federal and State regulations, the cost of such work found to be ii1 noncompliance shall be borne full~-~ Cabarru~ Count~.