§ 5-11-1-9.3 — Examination of certain bodies corporate and politic

Indiana § 5-11-1-9.3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 11: ACCOUNTING FOR PUBLIC FUNDS
• Ch. 1: State Board of Accounts Created

Text

3. (a) This section applies only to a body
corporate and politic whose enabling statute does not provide for an
annual audit, examination, or other engagement by:
(1) the state board of accounts; or
(2) an independent public accounting firm;
concerning financial or compliance related matters of the body
corporate and politic.
(b) This section does not affect a body corporate and politic whose
enabling statute provides for an annual audit, examination, or other
engagement by the state board of accounts or an independent public
accounting firm.
(c) As used in this section, "audit committee" refers to the audit and
financial reporting subcommittee of the legislative council established
by IC 2-5-1.1-6.3(b).
(d) As used in this section, "enabling statute" refers to a statute,
including a statute enacted after June 30, 2020, that establishes a body
corporate and politic.
(e) The state board of accounts may conduct an examination of a
body corporate and politic described in this section. The state board of
accounts shall permit a body corporate and politic to request in writing
to the state examiner that an examination under this section be
performed by an independent public accounting firm. The state
examiner may approve a request under this section based on the
applicable risk based examination criteria described in and approved
under section 25 of this chapter.
(f) If a request under subsection (e) for an independent public
accounting firm to conduct an examination is denied by the state
examiner, the body corporate and politic may file an appeal of the
denial with the audit committee. The audit committee shall hold a
public hearing concerning the appeal and prepare a written decision
determining whether the independent public accounting firm selected
by the body corporate and politic is permitted to conduct the
examination under this section. The audit committee's written decision
is binding, and the state board of accounts shall allow the independent
public accounting firm to conduct the examination if the audit
committee determines the independent public accounting firm is
permitted. The audit committee shall provide a copy of the written
decision to the state board of accounts and to the body corporate and
politic. The audit committee shall post a copy of the written decision
on the audit committee's website.
(g) An examination of a body corporate and politic conducted under
this section by the state board of accounts or an independent public
accounting firm shall be filed with:
(1) the state board of accounts in the manner provided by this
article; and
(2) the state comptroller.

Legislative History

As added by P.L.157-2020, SEC.5. Amended by P.L.9-2024, SEC.133.