§ 6-09-29 — Examinations and audit reports

1. The state auditor shall contract with an independent certified public accounting firm for
an annual audit of the Bank of North Dakota in accordance with generally accepted
government auditing standards. On request of the state auditor, the industrial
commission shall assist the state auditor in the auditing firm selection process, but the
selection of the auditing firm is the state auditor's responsibility. The auditor selected
shall prepare an audit report that includes financial statements presented in
accordance with the audit and accounting guide for banks and savings institutions
issued by the American institute of certified public accountants. The auditor also shall
prepare audited financial statements for inclusion in the comprehensive annual
financial report for the state.
2. The separate programs and funds administered by the Bank must be audited annually.
The audits may be conducted by the state auditor or an independent certified public
accounting firm. The audits of the separate programs and funds administered by the
Bank may be combined into one comprehensive audit if combining the audits provides
cost savings and efficiencies.
3. The state auditor may conduct performance audits of the Bank of North Dakota,
including the separate programs and funds administered by the Bank. The auditor
shall report the results of the audit to the industrial commission and to the legislative
assembly. The Bank of North Dakota or its separate programs and funds shall pay the
costs of the performance audit.
4. The department of financial institutions, through the commissioner, shall examine the
Bank of North Dakota at least once each twenty-four months and conduct any
investigation of the Bank which may be necessary. The commissioner shall report the
examination results, and the results of any necessary investigation, to the industrial
commission as soon as practicable and to the legislative assembly. The department of
financial institutions shall charge a fee for any examination or investigation at an hourly

rate to be set by the commissioner, sufficient to cover all reasonable expenses of the
department associated with the examinations and investigations provided for by this
section.