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.i <br /> ITEM 8 - 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 Depa�tment, to inspect all work, <br /> materiats, 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 /> , <br /> ITEM 9 - GRANTEE'S INDEPENDENT AUDIT <br /> Grantee shall select an independent Certifled Public Accountant to perform an audit <br /> pursuant to the requirements of Section 653.410 of the Rules. The standards for <br /> selection of the auditor and the scope and contents of the audit are contained in <br /> Section 653.410 of the Rules; Grantee and its auditor shall become familiar with the <br /> Rules and adhere to its provisions in comp�etion of the audit. The audit shall also be <br /> completed in conformity with the Single Audit Act (31 USC 7501 et seq), and shall <br /> include a statement, if applicable, that any allocation of revenues and expenses to <br /> the program of approved expenditures funded under this Agreement is in <br /> accordance with a cost allocation plan approved by the Department. Grantee's audit <br /> must include a separate Schedule of Revenues and Expenses, as prescribed by the <br /> Department, for the grant made under this Agreement, which clearly identifies total <br /> expenditures and revenues, eligible expenses and revenues, and any operating <br /> deficit; and includes a final reconciliation statement of overpayments payable to or <br /> underpayments due from the State. G�antee's independent audit shall be submitted <br /> to the Department no later than 180 days following the last day of the fiscal year. <br /> ITEM 10 - 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. The Department shall consider the Project closed when the <br /> reconciliation payment �s 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 /> subsequentfy raised and are forever settled upon Project closeout. Closeout shall <br /> be subject to any continuing obligations imposed on the Grantee by this Agreement . <br /> or contained in the final notification from the Department. <br /> 5 <br />