Maryland Code, HUMAN SERVICES 11-408
Terms Used In Maryland Code, HUMAN SERVICES 11-408
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) For any fiscal year during which State funds are available to finance any portion of the operations of the Corporation, the Legislative Auditor may audit the financial transactions of the Corporation.
(b) (1) An audit under this section shall be conducted where the accounts of the Corporation are normally kept.
(2) If owned or in use by the Corporation and necessary to facilitate the audit, the Corporation shall make available to the Legislative Auditor all:
(i) books;
(ii) accounts;
(iii) financial records;
(iv) reports;
(v) files; and
(vi) other papers or property.
(3) Full facilities for verifying transactions with the balances and securities held by depositories, fiscal agents, and custodians shall be available to the Legislative Auditor.
(4) Unless the Legislative Auditor requires a longer period of retention, the items listed in paragraph (2) of this subsection shall remain in the possession and custody of the Corporation for 4 years.
(c) The legislative audit shall be submitted to the General Assembly and the Governor, with any recommendations the Legislative Auditor considers advisable.