Kentucky Statutes 41.465 – Annual financial statement audit
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(1) (a) The commission shall annually procure a financial statement audit of all funds and accounts within its control.
(b) The audit shall be conducted in accordance with generally accepted government auditing standards.
(2) (a) The commission shall not enter into any contract with a certified public accountant for an audit unless the Auditor of Public Accounts has:
1. Declined in writing to perform the audit; or
2. Failed to respond within fifteen (15) days of receipt of a written request for an audit.
(b) If the Auditor of Public Accounts performs the annual audit required in subsection (1) of this section, the Auditor of Public Accounts shall maintain a record of all expenses incurred, including time worked on the audit, and these expenses shall be charged to the commission.
(c) If the Auditor of Public Accounts does not perform the annual audit, any contract with a certified public accountant shall specify the following:
1. The certified public accountant shall forward a copy of the audit report and management letters to the Auditor of Public Accounts and to the Legislative Research Commission; and
2. The Auditor of Public Accounts shall have the right to review the certified public accountant’s work papers.
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 155, sec. 4, effective June 27, 2019.
(b) The audit shall be conducted in accordance with generally accepted government auditing standards.
Terms Used In Kentucky Statutes 41.465
- Contract: A legal written agreement that becomes binding when signed.
- report: means any written method of transporting data. See Kentucky Statutes 41.010
- written: means letters, words, or numbers, or their equivalent, set down by handwriting, typewriting, printing, photostating, photographing, magnetic impulse, mechanical or electronic recording, or other form of data compilation. See Kentucky Statutes 41.010
(2) (a) The commission shall not enter into any contract with a certified public accountant for an audit unless the Auditor of Public Accounts has:
1. Declined in writing to perform the audit; or
2. Failed to respond within fifteen (15) days of receipt of a written request for an audit.
(b) If the Auditor of Public Accounts performs the annual audit required in subsection (1) of this section, the Auditor of Public Accounts shall maintain a record of all expenses incurred, including time worked on the audit, and these expenses shall be charged to the commission.
(c) If the Auditor of Public Accounts does not perform the annual audit, any contract with a certified public accountant shall specify the following:
1. The certified public accountant shall forward a copy of the audit report and management letters to the Auditor of Public Accounts and to the Legislative Research Commission; and
2. The Auditor of Public Accounts shall have the right to review the certified public accountant’s work papers.
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 155, sec. 4, effective June 27, 2019.