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BOOK 23 FA(iE 102 nine (9) months from the end of the audit period. An independent firm of Certified Public Accountants or the State Auditor shall perform the audit. The contract between the Contractor and the independent auditing firm shall be in a form approved by the N. C. Local Government Commission when the contractor is a unit of local government. The audit of the contract shall include additional statements of WIA revenues and expenditures as of June 30 when the contractor has a fiscal year other than June 30 and for the entire contract period when it has been performed during more than one fiscal year. The WIA grant may be used to pay its prorated share of the costs of such audit. The audit should include at a minimum, an accountant's opinion, a balance sheet, a statement of revenues, expenditures, and fund balance, an opinion letter and a management letter, a Schedule of Federal and State Financial Assistance, Compliance Report, and Internal Control Report. The examination must be made in accordance with Generally Accepted Accounting Practices, and with the Standards for Audit of Governmental Organizations. Programs. Activities and Functions, issued by the U. S. General Accounting office. Contractor audits will have all findings and questioned costs (including a note about all payables to and unearned receipts from the Workforce Investment Act) in the Compliance Section of the Audit. Furthermore, to insure compliance with GS 159-40, non-profit corporations or organizations receiving funds under this contract of $1000.00 or more and not exempted by Section l(d) of GS 159-40, are required to file a copy of the independent audit report with the Office of the State Auditor. Also, audits of state agencies performed by the Office of the State Auditor or USDOL directly will satisfy the requirements of this paragraph. The College under state mandate may impose additional reasonable conditions on audit activity. 31. Audit Resolution and Disallowed Costs In the event the College, the State, or USDOL disallows any expenditures of funds made by the Contractor under this contract, the Contractor shall within 10 days reimburse such funds to the College from non-federal funds, after attempted resolution of the disallowed costs under the 120 day Audit Resolution Procedure. The College has adopted the 120-day Audit Resolution Procedure that allows the Contractor a 30-day comment period after receipt of the final audit. Within 30 days after the comment period the College will issue an initial determination stating disallowed costs. then the Contractor will have 60 days to produce documentation attesting to the allowability of the costs, request a hearing, or otherwise seek a settlement of the disallowed costs. At the end of the 120 days, a final determination will be issued stating all disallowed costs that shall be reimbursed. The College may in the case of Contractor's default or actions which the College believes are not in good faith by the Contractor withhold future payments under this or any other contract with Contractor or impose other sanctions until the disallowed costs are resolved. If interest on disallowed costs accrues to the College or the State, the Contractor shall also be liable for such interest charges. Page 12 of 16