Section 824IAC2-6-1. Audit procedure

   (a) Audits and inspections of companies and facilities licenced [sic, licensed] under the Act may be made at any time during the licensee's regular business hours. The audits shall be performed by the director, the director's designated representative, or any auditor employed by the agency.

  (b) Audits may be performed without prior notice to the licensee and may be performed as frequently or infrequently as deemed to be appropriate based upon reports and other available data.

  (c) Every licensee and the licensee's employees, agents, officers, partners, directors, and shareholders shall cooperate and make themselves available to assist in the audit, including allowing full and reasonable use of the licensee's sampling and grading equipment. Failure or refusal to cooperate or assist in an audit shall be a basis for the suspension of a license issued under the Act. Agency auditors shall not request intellectual property information from licensees handling seed grain.

  (d) Audits may include, but are not limited to, any or all of the following:

(1) A physical examination of all storage facilities of a licensee.

(2) A review of the licensee's book and records.

(3) Examination of all the different grains held by the licensee whether stored or nonstorage grain.

(4) Financial records.

(5) Information relevant to the maintenance or operation of a facility.

(6) Records or accounts kept or held by any state or federally licensed financial institution that relate to the licensee.

(7) Any other practice, review, or analysis deemed to be necessary or appropriate by the director, the director's designated representative, or any auditor.

  (e) Upon completion of an audit, the licensee shall be given a departure report prepared by the agency's auditor outlining the auditor's findings. The departure report shall contain:

(1) violations;

(2) recommendations;

(3) requirements;

(4) a statement that all financial records and related information were made available to the agency's auditor; and

(5) signatures of the licensee or authorized employee of the licensee and the agency's auditor.

(Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-6-1; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1658; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed Nov 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA; filed Nov 16, 2016, 3:34 p.m.: 20161214-IR-824150331FRA)