Utah Code 63N-6-405. Annual audits
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(1) Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.
Terms Used In Utah Code 63N-6-405
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Corporation: means the Utah Capital Investment Corporation created under Section 63N-6-301. See Utah Code 63N-6-103
- 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 fund of funds: means a limited liability company established under Section 63N-6-401. See Utah Code 63N-6-103
(2)
(2)(a) The audit shall be conducted by:
(2)(a)(i) the state auditor; or
(2)(a)(ii) an independent auditor engaged by the state auditor.
(2)(b) An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:
(2)(b)(i) the corporation; or
(2)(b)(ii) the Utah fund of funds.
(3) The corporation shall pay the costs associated with the annual audit.
(4) The annual audit report shall:
(4)(a) be delivered to:
(4)(a)(i) the corporation; and
(4)(a)(ii) the state treasurer;
(4)(b) include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year;
(4)(c) include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63N-6-301(6); and
(4)(d) be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Subsection 63N-6-301(6).