1. (a) The office of management and budget shall contract with a certified public accountant for an annual financial audit of each development authority. The certified public accountant may not have a significant financial interest, as determined by the office of management and budget, in a project, facility, or service funded by or leased by or to any development authority.
2. (b) The certified public accountant shall present an audit report not later than four (4) months after the end of each calendar year and shall make recommendations to improve the efficiency of development authority operations. The certified public accountant shall also perform a study and evaluation of internal accounting controls and shall express an opinion on the controls that were in effect during the audit period.
3. (c) A development authority shall pay the cost of the annual financial audit under subsection (a). In addition, the state board of accounts may at any time conduct an audit of any phase of the operations of a development authority. A development authority shall pay the cost of any audit by the state board of accounts.
4. (d) The office of management and budget may waive the requirement that a certified public accountant perform an annual financial audit of a development authority for a particular year if the development authority certifies to the office of management and budget that the development authority had no financial activity during that year.

As added by P.L.232-2007, SEC.7. Amended by P.L.237-2017, SEC.47.