67 : 61 : 04 : 05 . Accounting systems, cost reporting, and annual audit. Each agency shall maintain an accounting system pursuant to generally accepted accounting principles. If requested by the department, the agency shall submit to the department a copy of an annual entity-wide, independent financial audit. The audit must be completed and filed with the department by the end of the fourth month following the end of the fiscal year being audited.

Each audit must contain, as part of the supplementary information, a cost report as outlined by the department. If applicable, the audit must be conducted in accordance with 2 C.F.R. Part 200, Subpart F, in effect on August 13, 2020.

In the case of an entity-wide, independent financial audit or a single audit, the agency shall ensure the resolution of all interim audit findings. The agency shall facilitate and aid any reviews, examinations, and agreed-upon procedures the department or any contractor may perform.

Source: 43 SDR 80 , effective December 5, 2016; 50 SDR 63, effective November 27, 2023 .

General Authority: SDCL 1-36-25 , 34-20A-27 .

Law Implemented: SDCL 34-20A-27 .

Prior versions effective: 2016-12-05.