Compliance audit of agreement governs transfer pricing review, reporting duties, and limits on regular audit of covered transactions.

The Transfer Pricing Officer must conduct a compliance audit of each year covered by the agreement, require the assessee to substantiate compliance with the agreement's terms and supporting material, and submit a compliance audit report to the specified authority. The report must be furnished within six months of receipt of the Annual Compliance Report, and regular audit of covered transactions is excluded unless the agreement is cancelled.

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