1988-077-RES WHEREAS, the City Council of the City of Paris, did in Resolution No. 88-065 on July 11, 1988, authorize

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.. -.. ~.-- ~, ~-_...-'--~- .- ,,- - _.-.~'.'---'- .~, -~ ~. ,.,~ -'. ~.._ . .!IE"-..r,,-..- -. ~"'-'-""'.'-.r' (2) The Grantee will assure that audits are made in accordance with the General Accounting Office Standards for Audit of Governmental Organizations, Programs, Activities and Functions, the Guidelines for Finandal and Compliance Audits of Federally Assisted Programs,any compliance supplements approved by OMB and generally a~cepted auditing standards established by the American Institute of Certified Public Accountants. (3) The Grantee agrees to engage an auditor that meets the qualification requirements set forth in the General Accounting Office Standards for Audit of Governmental Organizations, Program Activities and Functions in accordance with the applicable procurement requirements of Attachment 0 to OMB Circular No. A-l02 or A-llO. Non-governmental auditors must be either independent certified public accountants or independent licensed public accountants, licensed on or before December 31, 1970. (4) The audit report should be submitted to the cognizant Federal audit agency, or, if the grantee does not have such an audit agency, to the Director, Office of Planning, Technical Assistance, Research and Evaluation, Economic Development Administration, Room H-7866, Herbert C. Hoover Building, Washington, D. C. 20230. (5) Grantee will obtain assurance that the auditor will retain, for a minimum of three years from the date of the audit report, the audit workpapers and reports unless the auditor is notified in writing by the cognizant Federal audit agency of the need to extend the retention period. The Grantee will obtain assurances that the audit workpapers will be made available upon request to the cognizant Federal audit agency or its designees and the General Accounting Office or its designees. (6) AS required by Department of Commerce Administrative Order 213.5, Audit Follow-up and Resolution, the Grantee is expected to respond to any questioned costs and other audit findings and provide additional documentation to support such response within 30 days after the receipt of an audit report from the Office of Inspector General. EDA will consider any response or documentation received during this 30-day period in reaching its final determination concerning eligibility of costs; any Grantee response or documentation received by EDA more than 30 days after Grantee receipt of the audit report, and before EDA'S final determination, may be considered. EDA'S final determination shall be in writing and furnished to the Grantee. I \ Actions that result from EDA's final determination, such as the establishment of a debt or claim against the grantee, are not subject to appeal within EDA. 8. PERFORMANCE REPORTS a. Performance reports shall be submitted to the GRA as called for in the Special Terms and Conditions and in accordance with Attachment I of OMS Circular A-l02 or Attachment H of OMB Circular A-llO, as applicable. - 6 -