(a)  The board shall be responsible for establishing accountability standards, reporting standards, and outcome measurements for all of its expenditures, including all investments and grants.

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(b)  The board and the hub shall comply with provisions of chapter 155 of Title 42 (“quasi-public corporations accountability and transparency act”).

(c)  In addition to the requirements pursuant to the provisions of subsection (b) of this section and § 42-155-7, the books and records of the hub shall be audited by an outside audit firm selected and paid for by the hub, in accordance with § 35-7-13 at least on an annual basis, in accordance with generally accepted accounting principles and generally accepted government auditing standards.