§ 36-7.6-2-14 — Annual financial audit

Indiana § 36-7.6-2-14

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.6: REGIONAL DEVELOPMENT AUTHORITIES
• 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 each 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 any development
authority. The certified public accountant selected by a 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 each calendar 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) A development authority 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 a development authority. A development authority 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 a
development authority for a particular year if the development authority
certifies to the state board of accounts that the development authority
had no financial activity during that year.

Legislative History

As added by P.L.232-2007, SEC.7. Amended by P.L.237-2017, SEC.47; P.L.257-2019, SEC.146.