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<br />Agreement No.55080 <br /> <br />and shall make available all accounting and project records including supporting <br />source documentation. Such audit will be conducted in accordance with <br />applicable state and federal rules and regulations, Agreement guidelines, and <br />established professional standards and practices. <br /> <br />13.2 Subrecipient shall be liable to TEEX for any costs disallowed as a result of an <br />audit. Subrecipient shall further be responsible for any audit exception or other <br />payment deficiency in the project covered by the Agreement, and all <br />subcontracts hereunder, which are found to exist after monitoring, review, or <br />auditing by any party as authorized or required by TEEX. <br /> <br />13.3 Subrecipient, or the auditors that monitor or audit the Subrecipient, shall <br />immediately report to TEEX any incidents of fraud, abuse or potentially criminal <br />activity in relation to the provisions of this Agreement. <br /> <br />SECTION 14 - MONITORING AND TECHNICAL ASSISTANCE <br /> <br />14.1 TEEX, or its designee, retains the right to monitor, examine and audit all records, <br />documents and activities related to projects funded by this Agreement, and to <br />perform such project evaluation studies that TEEX deems necessary to <br />determine the adequacy of the services performed. <br /> <br />14.2 TEEX will notify the Subrecipient in writing of any deficiencies noted during such <br />review, and may withhold payments as appropriate based upon such review. <br />TEEX will provide technical assistance to the Subrecipient to correct the <br />deficiencies noted. TEEX may conduct follow-up visits to review the previous <br />deficiencies and to assess the efforts made to correct them. If such deficiencies <br />persist, TEEX may terminate this Agreement effective immediately and/or apply <br />sanctions pursuant to Section 19 of this Agreement, or take such other action as <br />it deems appropriate. <br /> <br />SECTION 15 - PREVENTION OF CONFLICTING INTERESTS <br /> <br />The Subrecipient, by signing this Agreement, covenants and affirms that: <br /> <br />15.1 No employee of the Subrecipient or a Subrecipient, no member of the <br />Subrecipient's or a Subrecipient's governing body, and no person who exercises <br />any function or responsibility in the review or approval of the undertaking or <br />carrying out of this Agreement shall participate in any decision relating to this <br />Agreement which affect his or her personal pecuniary interest. <br /> <br />15.2 The Subrecipient shall take every reasonable course of action to maintain the <br />integrity of this expenditure of public funds and to avoid favoritism and <br /> <br />6 <br />