34.1  Maintenance of audited records

(a)  The private party must keep proper accounts and all other financial records expected of a prudent and competent person undertaking obligations similar to those of the private party. In particular, the private party must maintain a full record of the costs of delivering the project (including construction, operation and financing costs) and details of funds held to cover such costs. The private party must maintain accounts and records in such a way as to enable government to comply with all applicable legislation relating to government records.

(b)  The private party must have their financial statement audited annually.

(c)  In some jurisdictions, the obligations in paragraphs (a) and (b) extend to the private party's material sub-contractors. In other jurisdictions, whether the government extends such obligations and the extent to which they are extended, will depend on the creditworthiness of the material sub-contractors and their relationship to the private party.