64-5-213 - Statement of objectives Annual report Accounting system Audits Purchasing and contracting procedures. - Tennessee Statutes

64-5-213. Statement of objectives Annual report Accounting system Audits Purchasing and contracting procedures.

(a)  The board, after receiving recommendations from its advisory committee, shall annually formulate and issue a statement of objectives, priorities and programs that it has adopted or envisions to meet these objectives. This statement of objectives shall be included in the annual report.

(b)  The board shall report annually to the governor, the commissioner of economic and community development, the state funding board and to the general assembly through the chairs of the following standing committees or such other committees as the speaker of each respective house may direct: senate finance, ways and means, senate government operations, senate state and local government, house finance, ways and means, house government operations, and house state and local government. This report shall also be transmitted to the governing bodies of the various counties and incorporated municipalities of the region. Such reports shall include a statement of financial receipts and expenditures, assets and liabilities of the authority, and a summary of all activities and accomplishments for the period and proposed plans for the next year.

(c)  The comptroller of the treasury is directed to develop a uniform accounting system conforming to generally accepted accounting principles for the authority.

(d)  The annual reports and all books of accounts and financial records of all funds received are subject to audit annually by the comptroller of the treasury. The audit may be performed by a licensed independent public accountant selected by the board and approved by the comptroller of the treasury. The cost of any audit shall be paid by the authority.

     (1)  The comptroller of the treasury shall ensure that audits are prepared in accordance with generally accepted governmental auditing standards and determine if the audits meet minimum audit standards prescribed by the comptroller of the treasury. No audit may be accepted as meeting the requirements of this section until approved by the comptroller of the treasury.

     (2)  All audits shall be completed as soon as practicable after the end of the fiscal year of the authority. One (1) copy of each audit shall be furnished to each member of the board and the comptroller of the treasury. Copies of each audit shall also be made available to the press.

(e)  The board shall develop purchasing and contracting procedures, which shall be approved by the comptroller of the treasury prior to implementation.

[Acts 1986, ch. 789, § 13.]