§ 42-155-7. Audit of quasi-public corporations.
(a) Commencing January 1, 2015, and every five (5) years thereafter, each quasi-public
corporation shall be subject to a performance audit, conducted in compliance with
the generally acceptable governmental auditing standards or the standards for the
professional practice of internal auditing, by the chief of the office of internal
audit and program integrity. The chief, in collaboration with the quasi-public corporation,
shall determine the scope of the audit. To assist in the performance of an audit,
the chief, in collaboration with the quasi-public corporation, may procure the services
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§ 42-155-7. Audit of quasi-public corporations.
(a) Commencing January 1, 2015, and every five (5) years thereafter, each quasi-public
corporation shall be subject to a performance audit, conducted in compliance with
the generally acceptable governmental auditing standards or the standards for the
professional practice of internal auditing, by the chief of the office of internal
audit and program integrity. The chief, in collaboration with the quasi-public corporation,
shall determine the scope of the audit. To assist in the performance of an audit,
the chief, in collaboration with the quasi-public corporation, may procure the services
of a certified public accounting firm, which shall be a subcontractor of the office
of internal audit and program integrity, and shall be under the direct supervision
of the office of internal audit and program integrity. The chief of the office of
internal audit and program integrity shall establish a rotating schedule identifying
the year in which each quasi-public corporation shall be audited. The schedule shall
be posted on the website of the office of internal audit and program integrity.
(b) The audit shall be conducted in conformance with chapter 7 of title 35 ("Post Audit of Accounts�).
(c) Each quasi-public corporation shall be responsible for costs associated with its own
audit. The chief and each quasi-public corporation shall agree upon reasonable costs
for the audit, not to exceed seventy-five thousand dollars ($75,000), that shall be
remitted to the office of internal audit and program integrity.
(d) The results of the audit shall be made public upon completion and posted on the websites
of the office of internal audit and program integrity and the quasi-public corporation.
(e) For purposes of this section, a performance audit shall mean an independent examination
of a program, function, operation, or the management systems and procedures of a governmental
or nonprofit entity to assess whether the entity is achieving economy, efficiency,
and effectiveness in the employment of all available resources.