1. A. Each audit required by this act shall be completed and the audit report thereon shall be submitted by the auditor to the local board of education within ten (10) months after the close of the fiscal year of the local board of education.
2. B. One copy of the audit report shall be filed by the local board of education in the office of the county clerk of the county wherein the principal office of the local board of education is located.
3. C. One copy of the audit report shall be maintained by the local board of education as a public record for public inspection at all reasonable times at the office of the local board of education. All records shall be kept at least five (5) years.

4. D. The local board of education shall forward a copy of the audit report to the State Board of Education within thirty (30) days after receipt of said audit. The State Board of Education shall retain such copy in its office as a public record where it shall be available for public inspection at all reasonable times. A copy of the audit report shall be available to the State Auditor and Inspector from the State Board of Education upon request by the

   State Auditor and Inspector at all reasonable times.

5. E. The State Board of Education may make inquiries it deems necessary to determine that each school is properly complying with this article. If within eleven (11) months after the end of the fiscal year of the public school a copy of the audit report has not been received by the State Board of Education, an inquiry shall be made by the State Board of Education as to why such report has not been filed. Should the State Board of Education find that the local board of education has failed to cause an annual audit to be commenced, the State Board of Education shall make a written demand on said board to complete and file such annual audit within thirty (30) days of the date of such demand.

Laws 1971, HB 1155, c. 281, § 22-108, emerg. eff. July 2, 1971; Amended by Laws 1979, HB 1019, c. 30, § 132, emerg. eff. April 6, 1979.