TITLE 42
State Affairs and Government
CHAPTER 42-155
Quasi-Public Corporations Accountability and Transparency Act
SECTION 42-155-7
§ 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 bureau of audits. 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 bureau of audits, and shall be under the
direct supervision of the bureau of audits. The chief of the bureau of audits
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 bureau of audits.
(b) The audit shall be conducted in conformance with chapter
7 of title 35 ("Post Audit of Accounting").
(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 bureau
of audits.
(d) The results of the audit shall be made public upon
completion and posted on the websites of the bureau of audits 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.
History of Section.
(P.L. 2014, ch. 482, § 1; P.L. 2014, ch. 509, § 1; P.L. 2015, ch.
166, § 1; P.L. 2015, ch. 195, § 1.)
