§ 5-11-1-30 — Request for examination according to generally accepted accounting principles

(a) An audited entity may request that an
examination conducted by the state board of accounts be conducted in
accordance with generally accepted accounting principles. A request
by a public officer must be approved by resolution adopted by the
legislative body for the audited entity.
(b) The state board of accounts shall, not more than sixty (60) days
after receiving a request under subsection (a):
(1) acknowledge receipt of the request; and
(2) notify the requesting public officer or legislative body that the
request is:
(A) approved; or
(B) disapproved.
(c) The state board of accounts shall approve a request under
subsection (a) unless the state examiner determines that:
(1) the audited entity, under the guidelines established by the state
board of accounts, did not request the audit within sixty (60) days
after the close of the audited entity's fiscal year;
(2) the audited entity does not conduct its accounting according
to generally accepted accounting principles;
(3) the audited entity did not maintain the audited entity's
financial records during the preceding year on a generally
accepted accounting principles basis;
(4) the annual financial statements and notes to the financial
statements are not presented or will not be presented to the state
board of accounts for audit on the schedule agreed to by the state
examiner; or
(5) the audited entity does not follow the other guidelines
established by the state board of accounts.

Legislative History

As added by P.L.181-2015, SEC.18.