(a) Audit of cost or pricing data.--The purchasing agency or its designee may, at reasonable times and places, audit the books and records of any person who has submitted cost or pricing data under section 534 (relating to cost or pricing data) to the extent that the books and records relate to the cost or pricing data. A person who receives a contract, change order or contract modification for which cost or pricing data is required shall maintain the books and records that relate to the cost or pricing data for three years from the date of final payment under the contract unless a shorter period is otherwise authorized by the purchasing agency in writing.

(b) Contract audit.--The purchasing agency may audit the books and records of a contractor or any subcontractor under any negotiated contract or subcontract other than a firm, fixed-price contract to the extent that the books and records relate to the performance of the contract or subcontract. The books and records shall be maintained by the contractor for a period of three years from the date of final payment under the prime contract and by the subcontractor for a period of three years from the date of final payment under the prime contract unless a shorter period is otherwise authorized by the purchasing agency in writing.