More Detailed Answer:
BVP payments and transactions are subject to audits by the General Accounting Office, Department of Justice's Office of the Inspector General, and applicable state/local auditors. Jurisdictions must follow their local procurement policies and procedures including maintenance of reliable and accurate accounting systems, record keeping, and systems of internal control. Recipients of federal funds are expected to retain documentation supporting all BVP transactions for at least three years after the closure of audit reports related to such funding. If any litigation, claim, negotiation, audit, or other action involving records has been started before the expiration of the three year period, the records must be retained until completion of the action and resolution of all related issues, or until the end of the regular three year period, whichever is later.