Md. Code Regs. 14.39.02.28

Current through Register Vol. 51, No. 24, December 2, 2024

Section 14.39.02.28 - Audits

A. The IAC or its designee may conduct financial audits and compliance audits of each LEA that receives State funds.

B. Audit items may include:

(1) Transactions and balances reported on financial reports and close-out forms;

(2) LEA internal controls and management authorizations;

(3) Items ineligible for State participation; and

(4) Compliance with 'IAC regulations and IAC policies and procedures.

C. The LEA shall reconcile audit exceptions and back charges to the IAC's or its designee's satisfaction.

Md. Code Regs. 14.39.02.28

Regulation .28 amended and recodified from 23.03.02.27 effective 46:22 Md. R. 976, eff. 11/4/2019; recodified from .27 effective 48:13 Md. R. 509, eff. 6/28/2021; recodified from .27 effective 51:15 Md. R. 711, eff. 8/5/2024.