§ 36-7.5-2-9 — Annual financial audit

Indiana § 36-7.5-2-9

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.5: NORTHWEST INDIANA REGIONAL
• Ch. 2: Development Authority and Board

Text

(a) The state board of accounts shall, pursuant
to IC 5-11-1-7 and IC 5-11-1-24, allow the development authority to
contract with a certified public accountant for an annual financial audit
of the development authority. 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 development authority. The certified
public accountant selected by the development authority 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
article.
(b) The certified public accountant shall present an audit report not
later than four (4) months after the end of the development authority's
fiscal year and shall make recommendations to improve the efficiency
of development authority 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 development authority shall pay the cost of the annual
financial audit. In addition, the state board of accounts may at any time
conduct an audit of any phase of the operations of the development
authority. The development authority shall pay the cost of any audit by
the state board of accounts.

Legislative History

As added by P.L.214-2005, SEC.73. Amended by P.L.257-2019, SEC.145.