67 : 62 : 05 : 05 . Accounting system, cost reporting, and annual audit. Each center shall maintain an accounting system pursuant to generally accepted accounting principles. If requested by the department, a center must 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 center shall ensure the resolution of all interim audit findings. The center 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 27A-5-1 .

Law Implemented: SDCL 27A-3-1 , 27A-5-1 .

Prior versions effective: 2016-12-05.