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5 <br />selection. The Agency agrees to abide by such <br />regulations in its selection procedure. <br />10. Review and Coordination. To insure adequate review and <br />evaluation of the work, and proper coordination among <br />interested parties, COG shall be kept fully informed <br />concerning the progress of the work and services to be <br />performed hereunder. COG may require the Agency to meet <br />with designated officials of COG and the Concerned <br />Funding Agency from time to time to review the work. <br />Reasonable prior notice of such review meeting shall be <br />given the Agency. <br />11. Inspections. Authorized representatives of COG and the <br />Concerned Funding Agency may at all reasonable times <br />review and inspect the Project activities and data <br />collected pursuant to this contract. All reports, <br />drawings, studies, specifications, estimates, maps and <br />computation prepared by or for the Agency shall be made <br />available to authorized representatives of COG and the <br />Concerned Funding Agency for inspection and review at all <br />reasonable times in the Agency's office where data are <br />normally accumulated. Approval and acceptance of such <br />material shall not relieve the Agency of its professional <br />obligation to correct, at its expense, any errors found <br />in the work. <br />12. Maintenance of Cost Records. The Agency shall maintain <br />all books, documents, papers, accounting records and <br />other evidence pertaining to costs incurred in the <br />Project and shall make such material available at all <br />reasonable times during the period of the Contract, and <br />for three years from the date of final payment under the <br />Contract, for inspection by COG, the Concerned Funding <br />Agency, and if the work and services to be performed <br />under this Contract is wholly or partially funded with <br />Federal funds, the Comptroller General of the United <br />States, or any of their duly authorized representatives. <br />If any litigation, claim, negotiation, audit or other <br />action involving the Agency's records has been started <br />before the expiration of the three -year period, the <br />records must be retained until completion of the action <br />and resolution of all issues which arise from it. The <br />Agency shall include the provisions of this paragraph in <br />any subcontract executed in connection with this Project. <br />13. Audit. An annual independent audit which meets the <br />requirements of the Division of Aging Program Audit Guide <br />for Aging Services, applicable North Carolina General <br />Statutes and Local Government Commission requirements and <br />the Office of Management and Budget Circulars A -128 or <br />133 shall be performed. For - profit Agencies shall have <br />an annual compliance audit which meets the requirements <br />of A -133. The audit shall be performed within six (6) <br />months of the close of the Agency's fiscal year. If the <br />Agency's fiscal year is different than the period July 1 <br />to June 30, a copy of both audit reports covering the <br />