Ariz. Admin. Code § 6-5-7425

Current through Register Vol. 30, No. 50, December 13, 2024

Section R6-5-7425 - Business and Fiscal Management; Annual Audit

A. A licensee shall maintain complete and accurate accounts, books, and records as prescribed in this Article, and in accordance with generally accepted accounting practice.

B. A licensee shall operate on the annual budget approved by its governing board.

C. A licensee shall regularly record its financial transactions and maintain, for five years, its financial records including receipts, disbursements, assets, and liabilities.

D. A licensee shall have an annual, fiscal year-end, financial audit by an independent certified public accountant who shall conduct the audit in accordance with generally accepted auditing standards. The audit report shall include the following financial information:

1. Income statement,

2. Balance sheet,

3. Statement of cash flow,

4. A statement showing monies or other benefits the licensee has paid or transferred to any of the following:

a. Business entities affiliated with the licensee,

b. The licensee's directors or officers,

c. The licensee's chief executive officer or program director,

d. The family member of a person listed in subsections (D)(2)(e)(ii) or (iii), or

e. Another agency.

Ariz. Admin. Code § R6-5-7425

Adopted effective July 1, 1997; filed with the Secretary of State's Office May 15, 1997 (Supp. 97-2).