(a)  Commencing January 1, 2015, and every five (5) years thereafter, each quasi-public corporation shall be subject to a performance audit, conducted in compliance with the generally acceptable governmental auditing standards or the standards for the professional practice of internal auditing, by the chief of the office of internal audit. The chief, in collaboration with the quasi-public corporation, shall determine the scope of the audit. To assist in the performance of an audit, the chief, in collaboration with the quasi-public corporation, may procure the services of a certified public accounting firm, which shall be a subcontractor of the office of internal audit, and shall be under the direct supervision of the office of internal audit. The chief of the office of internal audit shall establish a rotating schedule identifying the year in which each quasi-public corporation shall be audited. The schedule shall be posted on the website of the office of internal audit.

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Terms Used In Rhode Island General Laws 42-155-7

  • 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.
  • quasi-public corporation: means any body corporate and politic created, or to be created, pursuant to the general laws, including, but not limited to, the following:

    (1)  Capital center commission;

    (2)  Rhode Island convention center authority;

    (3)  Rhode Island industrial facilities corporation;

    (4)  Rhode Island industrial-recreational building authority;

    (5)  Rhode Island small business loan fund corporation;

    (6)  Quonset development corporation;

    (7)  Rhode Island airport corporation;

    (8)  I-195 redevelopment district commission;

    (9)  Rhode Island health and educational building corporation;

    (10)  Rhode Island housing and mortgage finance corporation;

    (11)  Rhode Island student loan authority;

    (12)  Narragansett bay commission;

    (13)  Rhode Island infrastructure bank;

    (14)  Rhode Island water resources board;

    (15)  Rhode Island resource recovery corporation;

    (16)  Rhode Island public rail corporation;

    (17)  Rhode Island public transit authority;

    (18)  Rhode Island turnpike and bridge authority;

    (19)  Rhode Island tobacco settlement financing corporation; and

    (20)  Any subsidiary of the Rhode Island commerce corporation. See Rhode Island General Laws 42-155-3

(b)  The audit shall be conducted in conformance with chapter 7 of Title 35 (“Post Audit of Accounts”).

(c)  Each quasi-public corporation shall be responsible for costs associated with its own audit. The chief and each quasi-public corporation shall agree upon reasonable costs for the audit, not to exceed seventy-five thousand dollars ($75,000), that shall be remitted to the office of internal audit.

(d)  The results of the audit shall be made public upon completion and posted on the websites of the office of internal audit and the quasi-public corporation.

(e)  For purposes of this section, a performance audit shall mean an independent examination of a program, function, operation, or the management systems and procedures of a governmental or nonprofit entity to assess whether the entity is achieving economy, efficiency, and effectiveness in the employment of all available resources.

History of Section.
P.L. 2014, ch. 482, § 1; P.L. 2014, ch. 509, § 1; P.L. 2015, ch. 166, § 1; P.L. 2015, ch. 195, § 1; P.L. 2016, ch. 142, art. 4, § 12.