South Carolina Code 6-24-240. Annual report; audit
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Terms Used In South Carolina Code 6-24-240
- cost: includes all costs of the undertaking or funding of the undertaking. See South Carolina Code 6-24-20
- 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.
- Joint agency: means a public body and body corporate and politic organized in accordance with the provisions of this chapter. See South Carolina Code 6-24-20
At the close of each fiscal year, a joint agency shall submit an annual report of its activities for the preceding year to each member, including a complete operating and financial statement covering the operations of the joint agency during the year. The joint agency shall cause an audit of its books of record and accounts to be made at least once a year by a certified public accountant, and the cost of the audit may be treated as a part of the cost of construction of a project or otherwise as part of the expense of administration of a project covered by the audit.