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Page 8 of � I <br /> � PART IV <br /> AUDITS, INSPECTIONS, MONITORING <br /> 1. Audit Requirement. The Grantee shall keep detailed records of the use of <br /> Program Proceeds and shall be responsible for securing an annual <br /> financial audit of all grant records for each year of the Grant Term. <br /> The audit shall be conducted by certified public accountants licensed by <br /> the State of Illinois, and shall be in accordance with generally accepted <br /> auditing standards adopted by the American Institute of Certified Public <br /> Accountants. The Department may, at its discretion, conduct one or more <br /> special audits of the Grantee' s use of Program Proceeds. The audit <br /> report shall be due within 180 calendar days after the end of the <br /> Grantee' s fiscal year. <br /> The Grantee shall work cooperatively with the audit firm selected; <br /> actively work with both the audit firm and the Department to resolve any <br /> and all audit findings; and work cooperatively with the Department' s <br /> staff in preparing for, conducting audits, and resolving findings in the <br /> audit report if applicable. <br /> Any independent public accounting firm that provides consultant services <br /> to a Grantee is prohibited from conducting an audit of that Grantee for <br /> the period during which services were rendered. <br /> 2. Inspections and Monitoring. The Grantee will as often as deemed <br /> necessary by the Department or the Auditor General of the State of <br /> Illinois, or any of their duly authorized representatives, permit the <br /> Department, or the Auditor General of the State of Illinois, or any of <br /> their duly authorized representatives to have full access to and the <br /> right to examine any pertinent books, documents, papers and records of <br /> the Grantee involving transactions related to this grant for three years <br /> f rom the date of submi ssi on of the f i nal Grant C1 ose-out Report or unti 1 <br /> all audit findings have been resolved, whichever is later. Further, the <br /> Department shall have the right to examine corporate books and records <br /> which may be necessary to determine the ability of the Grantee to <br /> safeguard the Program Proceeds. <br /> The Grantee shall include in all its contracts and agreements with third <br /> party beneficiaries under this Agreement a provision that the Department <br /> or the Auditor General of the State of Illinois or any of their duly <br /> authorized representatives will have full access to and the right to <br /> examine any pertinent books, documents, papers and records of any such <br /> third party beneficiary involving transactions related to the contract or <br /> agreement for three years from the final payment under the contract or <br /> agreement or until all audit findings have been resolved, whichever is <br /> later. <br /> - 8 - <br />