| (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.
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