(a) The board shall conduct audits of state contracting agencies, triennially, to ensure compliance with statutes and regulations concerning procurement. In conducting each such audit, the board shall have access to all contracting and procurement records, may interview any and all personnel responsible for contracting, contract negotiations or procurement and may enter into an agreement with the Auditors of Public Accounts to effectuate such audit.

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(b) Upon completion of any such audit, the board shall prepare and issue a compliance report for the state contracting agency. Such report shall identify any process or procedure that is inconsistent with statutes and regulations concerning procurement and indicate those corrective measures the board deems necessary to comply with statutes and regulations concerning procurement requirements. Such report shall be issued and delivered to the state contracting agency not later than thirty days after completion of such audit and shall be a public record. The state contracting agency may provide a written response to the board concerning such report not later than sixty days after receipt of such report and any such response shall be a public record. After receiving such response or after such sixty-day period has elapsed with no response, whichever is earlier, the board may submit such report and the response, if applicable, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to the state contracting agency that is the subject of such report, appropriations and the budgets of state agencies and government administration.