Section 11-1010 - Audit. - Maryland Statutes

§ 11-1010. Audit.
 

(a)  Timing and selection of accountant and report.-  

(1) As soon as practicable after the close of the fiscal year, an independent certified public accountant shall audit the financial books, records, and accounts of the Corporation. 

(2) The Corporation shall select an accountant to conduct the audit who: 

(i) is licensed to practice certified public accountancy in the State; 

(ii) is experienced and qualified in the accounting and auditing of public entities; and 

(iii) does not have a direct or indirect personal interest in the fiscal affairs of the Corporation. 

(3) (i) Except as provided in subparagraph (ii) of this paragraph, on or before November 1 after each fiscal year, the accountant shall report the results of the audit, including the accountant's opinion, made without reservation, of the presentation of the financial position of the funds of the Corporation, and the results of the financial operations of the Corporation. 

(ii) If the accountant cannot express an opinion without reservation, the accountant shall explain in detail the reasons for the qualifications and disclaimers, including recommendations for changes that could make future opinions without reservation possible. 

(b)  Audit by State.- The State may audit the books, records, and accounts of the Corporation. 
 

[2009, ch. 476.]