The administrative officer and the director of financial aids of the eligible institution shall maintain proper fiscal records for the Hawaii student incentive grant program. Such records shall conform to the State and federal requirements for such records in order that the commission may continue to qualify as the eligible State agency for the purposes of the Hawaii student incentive grant program. The records of each eligible institution regarding this program shall be subject to audit by the administrative officer and as provided for by the federal rules and regulations governing the State student incentive grant program.
Haw. Code R. § 20-41-20