1. (1) Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.

2. (2)

   1. (a) The audit shall be conducted by:

      1. (i) the state auditor; or
      2. (ii) an independent auditor engaged by the state auditor.

   2. (b) An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:

      1. (i) the corporation; or
      2. (ii) the Utah fund of funds.
3. (3) The corporation shall pay the costs associated with the annual audit.

4. (4) The annual audit report shall:

   1. (a) be delivered to:

      1. (i) the corporation; and
      2. (ii) the state treasurer;
   2. (b) include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year;
   3. (c) include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63N-6-301(6); and
   4. (d) be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Subsection 63N-6-301(6).

Amended by Chapter 298, 2022 General Session