Common use of ACCOUNTING AND AUDITING Clause in Contracts

ACCOUNTING AND AUDITING. Contractor shall keep accurate and complete accounting records in support of all cost ▇▇▇▇▇▇▇▇ and claims to Company in accordance with generally recognized accounting principles and practices. Company, or its audit representatives, shall have the right at any reasonable time or times to examine, audit and copy the records, vouchers and their source documents which serve as the basis for compensation other than pricing elements which are fixed in amount by this Contract. Such documents shall be available for examination, audit and copying for three (3) years after the completion or termination of this Contract. Contractor shall assist Company with preparing necessary audit material and will allow Company to review any work papers prepared by independent auditors as allowed by professional standards. Audit findings by Company’s representative will be considered to be final and conclusive on Contractor for the period audited. Any overcollections shall be returned to Company within thirty (30) days from date of notice of overcharge and any underpayments will be paid to Contractor by Company within thirty (30) days of discovery of such underpayments.