175B.100 Annual report by state authority -- Annual audit of state authority. - Kentucky Statutes

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Page 1 of 1 175B.100 Annual report by state authority -- Annual audit of state authority. (1) Within ninety (90) days after the expiration of each fiscal year, the state authority shall make an annual report of its activities for the preceding fiscal year to the
Controller of the Commonwealth within the Finance and Administration Cabinet,
the Transportation Cabinet, and the Legislative Research Commission. The report
shall set forth a complete operating and financial statement covering its operation
during the fiscal year. (2) (a) The state authority shall cause an audit of its books and accounts to be made at least once each year. (b) A request shall be made to the Auditor of Public Accounts for the performance of an annual audit. If the Auditor of Public Accounts declines in
writing to assume responsibility for performing the audit or fails to respond in
writing within thirty (30) days of receiving the request, the state authority may
enter into a contract with a certified public accountant for an audit. (c) Any contract with a certified public accountant entered into as a result of the Auditor of Public Accounts either declining to assume responsibility of
performing the audit or failing to respond within thirty (30) days of receipt of
a written request for an audit shall specify the following:
1. That the certified public accountant shall forward a copy of the audit
report and management letters to the Auditor of Public Accounts for
review; 2. That the Auditor of Public Accounts may review the certified public
accountant's work papers; and 3. That after review of the certified public accountant's work papers, if
discrepancies are found, the Auditor of Public Accounts shall notify the
authority of the discrepancies. If the certified public accountant does not
correct these discrepancies prior to the release of the audit, the Auditor
of Public Accounts may conduct its own audit to verify the findings of
the certified public accountant's report. (d) If an audit verifying the findings of the certified public accountant's report is conducted by the Auditor of Public Accounts, the total audit expense incurred
shall be an allowable expenditure and shall be paid to the Auditor of Public
Accounts. If the audit conducted by the Auditor of Public Accounts discloses
discrepancies in the audit by the certified public accountant, the findings of
the Auditor of Public Accounts shall be deemed official for all purposes. Effective: June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 94, effective June 26, 2009. Legislative Research Commission Note (6/26/2009). The internal numbering of subsection (2) of this statute has been altered in codification by the Reviser of
Statutes from the way it appeared in 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 94,
under the authority of KRS 7.136.