Maryland Code, ECONOMIC DEVELOPMENT 10-132
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-132
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) The audit shall include revenue and expense detail for each of the operating facilities of the Corporation.
(3) The Corporation shall select an accountant to conduct the audit who:
(i) is licensed to practice accountancy in the State;
(ii) is experienced and qualified in the accounting and auditing of public entities; and
(iii) does not have a direct or indirect personal interest in the fiscal affairs of the Corporation.
(4) (i) Except as provided in subparagraph (ii) of this paragraph, on or before November 1 after each fiscal year, the accountant shall report the results of the audit, including the accountant’s unqualified opinion of the presentation of the financial position of the funds of the Corporation, individual financial detail for each of the operating facilities of the Corporation, and the results of the financial operations of the Corporation.
(ii) If the accountant cannot express an unqualified opinion, the accountant shall explain in detail the reasons for the qualifications, disclaimers, or opinions, including recommendations for changes that could make future unqualified opinions possible.
(b) The State may audit the books, records, and accounts of the Corporation.