Section 7Sec./Art. 7

Duty to Submit Records and Accounts to the Commission on Audit. - The grantee shall keep an account of the gross receipts of his business and shall furnish the Commission on Audit (COA) with a copy of such account not later than the thirty-first (31st) day of January of each year of the succeeding year. All the books and accounts of the grantee pertaining to his business shall be subject to the official inspection of the COA or its duly authorized representatives, and the audit and approval of such accounts shall be final and conclusive evidence as to the amount of said gross receipts, except that the grantee shall have the right to appeal to the courts under the terms and conditions provided in the existing laws of the Republic of the Philippines.