Maryland Code, ECONOMIC DEVELOPMENT 11-323
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 11-323
- 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 finance committee of the authority 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 bodies; and
(iii) does not have a direct or indirect interest in the fiscal affairs of the authority.
(3) (i) Except as provided in subparagraph (ii) of this paragraph, the accountant shall report the results of the audit, including the accountant’s unqualified opinion on the presentation of the financial position and the results of the financial operations of the authority.
(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 of changes that could make future unqualified opinions possible.
(b) The State may audit the books, records, and accounts of the authority.