Oklahoma Administrative Code
Title 725 - Oklahoma Tourism and Recreation Department
Chapter 20 - Marketing Services Operation
Subchapter 7 - Reimbursement of Matching Funds to Multicounty Organizations
Section 725:20-7-9 - Independent and certified audit

(1) The audit shall be a financial audit as defined by "Government Auditing Standards", issued by the Comptroller General of the United States, and due no later than January 20 each year.

(2) The scope of the audited financial report shall, at a minimum, consist of a statement of revenue and expenditures, and shall specify the sources and uses of funds and the fundraising method(s) shall be described.

(3) The audited financial report shall identify separately the disbursement of all allowable and discretionary expenditures. Examples of discretionary promotion expenditures shall be provided as a supplement to the audit to determine whether such expenditures satisfied the requirements to be reimbursed with matching funds.

(4) Revenue reported shall include all advertising revenue received and define all other individual sources of revenue. The names and addresses and amounts received from each advertiser shall be included as an unaudited supplemental schedule to the audit report.

(5) The auditor's Report on Compliance with Rules and Regulations shall address whether a contractor who solicited advertising revenue for the production of a promotional periodical publication provided detailed written disclosure of its actual costs incurred in performance of the contract on at least a quarterly basis.

(6) Audit reports showing reimbursement of unallowable expenditures, reimbursement for expenditures by an individual or entity other than the multicounty organization, or noncompliance with statutes, procedures, or Department rules and regulations will bar further reimbursement of matching funds until restitution is made to the Department.

(7) An incomplete or insufficient audit report shall be cause for withholding matching funds until such time as an acceptable audit is provided.

(8) The person or entity engaged to perform the audit shall not be the same person or entity that performs bookkeeping, controllership or management functions, or other accounting services for the multicounty organization; and, file a copy of the audit with the State Auditor and Inspector.

(9) While not a part of the audit and not subject to the standards of the audit: the performance measures report (as prescribed by the Department), evaluative measures report that records the origin and number of inquiries, and examples of advertising not submitted for reimbursement with matching funds shall be submitted to the Department separate from the audit; but, simultaneously with the audit.

(10) When an audit cites deficiencies or shortcomings, the organizations shall include a response describing how the deficiencies or shortcomings will be corrected. Organizations will not be eligible for funding until the shortcomings identified in the audit are corrected.