Utah Code 63N-21-402. Annual audit
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(1) Each calendar year, an audit of the activities of the Utah innovation fund shall be conducted by:
Terms Used In Utah Code 63N-21-402
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
(1)(a) the state auditor; or
(1)(b) an independent auditor engaged by the state auditor.
(2) An independent auditor described in Subsection (1)(b) may not have a business, contractual, or other connection to the innovation lab or the Utah innovation fund.
(3) The annual audit shall:
(3)(a) include a valuation of the assets owned by the Utah innovation fund as of the end of the reporting year, using market-standard techniques for assets typically held by early stage private investment and venture capital funds;
(3)(b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 63N-21-401; and
(3)(c) on or before September 1, be delivered to:
(3)(c)(i) the innovation lab; and
(3)(c)(ii) the state treasurer.
(4) The innovation lab shall pay the costs associated with the annual audit.