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Agreement No.55080 and shall make available all accounting and project records including supporting source documentation. Such audit will be conducted in accordance with applicable state and federal rules and regulations, Agreement guidelines, and established professional standards and practices. 13.2 Subrecipient shall be liable to TEEX for any costs disallowed as a result of an audit. Subrecipient shall further be responsible for any audit exception or other payment deficiency in the project covered by the Agreement, and all subcontracts hereunder, which are found to exist after monitoring, review, or auditing by any party as authorized or required by TEEX. 13.3 Subrecipient, or the auditors that monitor or audit the Subrecipient, shall immediately report to TEEX any incidents of fraud, abuse or potentially criminal activity in relation to the previsions of this Agreement. SECTION t4 - MONITORING AND TECHNICAL ASSISTANCE 14.1 TEEX, or its designee, retains the right to monitor, examine and audit all records, documents and activities related to projects funded by this Agreement, and to perform such project evaluation studies that TEEX deems necessary to determine the adequacy of the services performed. 14.2 TEEX will notify the Subrecipient in writing of any deficiencies noted during such review, and may withhold payments as appropriate based upon such review. TEEX will provide technical assistance to the Subrecipient to correct the deficiencies noted. TEEX may conduct follow-up visits to review the previous deficiencies and to assess the efforts made to correct them. If such deficiencies persist, TEEX may terminate this Agreement effective immediately and/or apply sanctions pursuant to Section 19 of this Agreement, or take such other action as it deems appropriate. SECTION 15- PREVENTION OF CONFLICTING INTERESTS The Subrecipient, by signing this Agreement, covenants and affirms that: 15.1 No employee of the Subrecipient or a Subrecipient, no member of the Subrecipient's or a Subrecipient's governing body, and no person who exercises any function or responsibility in the review or approval of the undertaking or carrying out of this Agreement shall participate in any decision relating to this Agreement which affect his or her personal pecuniary interest. 15.2 The Subrecipient shall take every reasonable course of action to maintain the integrity of this expenditure of public funds and to avoid favoritism and 6