Section 4-11-7 - Audit by private accountant--Acceptance in lieu of required audit. - South Dakota Statutes

4-11-7. Audit by private accountant--Acceptance in lieu of required audit. Nothing contained in this chapter shall prevent a public corporation, as defined in § 5-18-1, from employing a private accountant to examine and audit the books and accounts thereof or of any of its officers whenever the governing body or authorized official thereof believes that the public interest requires it, provided such employment is first approved by the auditor-general within his guidelines; and, except as hereinafter provided, such private audit shall not be paid for before a copy thereof shall have been filed with and approved by the auditor-general. The entity receiving audit services may approve progress payments proportionate to the audit work completed so long as ten percent of the amount billed is withheld pending approval by the auditor-general of the final report. The auditor-general may, in his discretion, accept such audit in lieu of an examination otherwise required to be made by him.

Source: SL 1943, ch 258, § 7; SDC Supp 1960, § 55.2907; SL 1966, ch 165, § 8; SL 1981, ch 32, § 1.