Sec. 9. (a) The state board of accounts shall, pursuant to IC 5-11-1-7 and IC 5-11-1-24, allow the development authority to contract with a certified public accountant for an annual financial audit of the development authority. The certified public accountant may not have a significant financial interest in a project, facility, or service funded by or leased by or to the development authority. The certified public accountant selected by the development authority must be approved by the state examiner and is subject to the direction of the state examiner while performing an annual financial audit under this article.

     (b) The certified public accountant shall present an audit report not later than four (4) months after the end of the development authority’s fiscal year and shall make recommendations to improve the efficiency of development authority operations. The certified public accountant shall also perform a study and evaluation of internal accounting controls and shall express an opinion on the controls that were in effect during the audit period.

     (c) The development authority shall pay the cost of the annual financial audit. In addition, the state board of accounts may at any time conduct an audit of any phase of the operations of the development authority. The development authority shall pay the cost of any audit by the state board of accounts.

As added by P.L.214-2005, SEC.73. Amended by P.L.257-2019, SEC.145.