§ 36-10-16-24 — Annual financial audit

(a) The state board of accounts shall,
pursuant to IC 5-11-1-7 and IC 5-11-1-24, allow the commission to
contract with a certified public accountant for an annual financial audit
of the commission. The certified public accountant may not have a
significant financial interest in a project, facility, or service funded by
or leased by or to the commission. The certified public accountant
selected by the commission must be approved by the state examiner
and is subject to the direction of the state examiner while performing
an annual financial audit under this chapter.
(b) The certified public accountant shall present an audit report not
later than four (4) months after the end of each calendar year and shall
make recommendations to improve the efficiency of the commission's
operations. The certified public accountant shall also perform a study
and evaluation of internal accounting controls and shall express an
opinion on the controls that were in effect during the audit period.
(c) The commission shall pay the cost of the annual financial audit
under subsection (a). In addition, the state board of accounts may at any
time conduct an audit of any phase of the operations of the
commission. The commission shall pay the cost of any audit by the
state board of accounts.
(d) The state board of accounts may waive the requirement that a
certified public accountant perform an annual financial audit of the
commission for a particular year if the commission certifies to the state
board of accounts that the commission had no financial activity during
that year.

Legislative History

As added by P.L.141-2025, SEC.1.