2.2-1822.1 - Recovery audits of state contracts. - Virginia Statutes

§ 2.2-1822.1. Recovery audits of state contracts.

The Department of Accounts shall procure the services of one or more privatecontractors, in accordance with the Virginia Public Procurement Act (§2.2-4300 et seq.), to conduct systematic recovery audits of state agencycontracts. Such recovery audit contracts shall be performance-based and shallcontain a provision that authorizes the contractor to be paid a percentage ofany payment error that is recovered by such contractor. Individual recoveryaudits shall consist of the review of contracts to identify payment errorsmade by state agencies to vendors and other entities resulting from (i)duplicate payments, (ii) invoice errors, (iii) failure to apply applicablediscounts, rebates, or other allowances, or (iv) any other errors resultingin inaccurate payments. The Department of Accounts shall report on the statusand effectiveness of recovery audits, including any savings realized, to theChairs of the House Committee on Appropriations and the Senate Committee onFinance by January 1 of each year.

(2004, c. 644; 2005, c. 109.)