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records for three years after completion of the action and resolution of all issues <br /> arising from it. <br /> ITEM 9 - INSPECTION AND AUDIT <br /> Grantee shall permit, and shall require its contractors and auditors to permit, the <br /> Department, and any authorized agent of the Department, to inspect all work, <br /> materials, payrolls, audit working papers, and other data and records pertaining to <br /> the Project; and to audit the books, records, and accounts of the Grantee with <br /> regard to the Project. The Department may, at its sole discretion and at its own <br /> expense, perform a final audit of the Project. Such audit may be used for settlement <br /> of the grant and Project closeout. <br /> Grantee agrees to permit the Department to conduct scheduled or unscheduled <br /> inspections of Grantee's public transportation services. Such inspections shall be <br /> conducted at reasonable times, without unreasonable disruption or interference with <br /> any transportation service or other business activity of the Grantee or any Service <br /> Board. <br /> Grantee agrees to notify the Department of any pending federal triennial review as <br /> soon as it is scheduled and to permit the Department to attend same. <br /> ITEM 10 - GRANTEE'S INDEPENDENT AUDIT <br /> Grantee shall select an independent licensed Certified Public Accountant to perform <br /> an audit pursuant to the requirements of Section 653.410 of the Rules. The <br /> standards for selection of the auditor and the scope and contents of the audit are <br /> contained in Section 653.410 of the Rules; Grantee and its auditor shall become <br /> familiar with the Rules and adhere to its provisions in completion of the audit. The <br /> audit shall also be completed in conformity with the Single Audit Act (31 USC 7501 <br /> et seq.), and shall include a statement, if applicable, that any allocation of revenues <br /> and expenses to the program of approved expenditures funded under this <br /> Agreement is in accordance with a cost allocation plan approved by the <br /> Department. Grantee's audit must include a schedule of operating revenues and <br /> expenses for the participant's grant contract period on forms prescribed by the <br /> Department. Grantee's independent audit shall be submitted to the Department no <br /> later than 180 days following the last day of the fiscal year. This deadline may be <br /> changed, at the discretion of the Department, to accommodate the participant's <br /> fiscal year periods or due to unforeseen circumstances. <br /> ITEM 11 - PROJECT CLOSEOUT <br /> Grantee agrees to implement any audit findings contained in the Department's final <br /> audit, the Grantee's independent audit, or as a result of any duly authorized <br /> inspection or review. Upon the Department's acceptance of final audit results, the <br /> Department may arrange for a final reconciliation payment to or from Grantee, as <br /> necessary. At the discretion of the Department, several years of audit reconciliation <br /> balances may be combined to allow for one payment to reconcile minor annual <br /> reconciliation balances. The Department shall consider the Project closed when the <br /> reconciliation payment is made, either by the Department or by Grantee. The <br /> Department shall send notification to Grantee that the grant is closed. Payment <br /> issues, audit issues or any other matters pertaining to the grant may not be <br /> subsequently raised and are forever settled upon Project closeout. Closeout shall <br /> Downstate Public Transportation Operating Grant Page 9 <br />