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E. The Municipality shall maintain all records for the Municipality and for all subcontractors or <br />consultants to be paid from Funds provided under this Agreement, including documentation of all program <br />costs, in a form sufficient to determine compliance with the requirements and objectives of this Agreement. <br />ARTICLE XII <br />REPORTS <br />The Municipality shall provide the County with quarterly reports and any other information that may be required <br />in Exhibits 3 and 3-1 and any subsequent Addenda thereto. <br />ARTICLE XIII <br />MONITORING <br />A. The County shall have the right to monitor the performance of the Municipality under this <br />Agreement, as well as that of its subcontractors and/or consultants who are paid from Funds provided under <br />this Agreement. <br />B. In addition to reviews of audits, monitoring procedures may include, but not be limited to, on - <br />site visits by County staff, desk reviews and/or other procedures. The Municipality agrees to cooperate with <br />any monitoring procedures/processes deemed appropriate by the County. <br />ARTICLE XIV <br />AUDITS <br />A. The Municipality shall comply with the audit requirements contained in 2 C.F.R. Part 200, <br />Subpart F. <br />B. In accounting for the receipt and expenditure of Funds under this Agreement, the Municipality <br />shall follow Generally Accepted Accounting Principles ("GAAP"). As defined by 2 C.F.R. §200.49, GAAP "has <br />the meaning specified in accounting standards issued by the Government Accounting Standards Board (GASB) <br />and the Financial Accounting Standards Board (FASB)." <br />C. As per this Agreement, audits conducted under 2 C.F.R. Part 200, Subpart F shall be <br />performed in accordance with Generally Accepted Government Auditing Standards ("GAGAS") as issued by <br />the Comptroller General of the United States. <br />1 . If an audit shows that any Funds disbursed to the Municipality were not used by <br />the Municipality in accordance with the terms and conditions of this Agreement, <br />the Municipality shall return said Funds to the County in accordance with the <br />provisions of Article X of this Agreement. <br />Page 11 of 17 <br />