§ 33.2-299 — Recordkeeping; audits

Virginia § 33.2-299

• Jurisdiction: Virginia
• Title 33.2: Highways and Other Surface Transportation Systems
• Subtitle I: General Provisions and Transportation Entities
• Ch. 2: Transportation Entities
• Art. 6: Virginia Passenger Rail Authority Act

Text

A. The accounts and records of the Authority showing the receipt and disbursement of funds from whatever source derived shall be in a form prescribed by governmental generally accepted accounting principles. Such accounts shall correspond as nearly as possible to the accounts and records for such matters maintained by enterprises.

B. The accounts of the Authority shall be audited annually by a certified public accounting firm selected by the Auditor of Public Accounts with the assistance of the Authority through a process of competitive negotiation. The cost of such audit and review shall be borne by the Authority.

C. The Authority shall submit an annual report to the Governor and the General Assembly on or before November 1 of each year. Such report shall contain the audited financial statements of the Authority for the fiscal year ending the preceding June 30.

D. The Board, the General Assembly, or the Governor may at any time request that the Office of the State Inspector General, created pursuant to § 2.2-308, review any area of the Authority's finances or operations.

Legislative History

2020, cc. 1230, 1275.