| (a) Subject to audit by the Commission or auditors
or investigators working on behalf of the Commission, including the
State Auditor and/or the Comptroller of Public Accounts for the State
of Texas, a breed registry receiving funds from the horse industry
escrow account shall maintain all records of expenses paid out of
funds from the account for a minimum of five years following the event.
Records may be maintained in electronic or paper format.
(b) The Commission may request, and the breed registry
must provide, any such record as part of a review or audit.
(c) The funds received and/or expended by the breed
registry from the horse industry escrow account must be included in
the breed registry's annual audit of the financial statements required
to be submitted by June 15 of each year. An auditor's statement must
be included as part of the annual audit attesting to the proper use
of the funds received from the horse industry escrow account by the
breed registry.
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