West Virginia Code 5-16C-8 – Audit required; reports
(a) The director shall cause to be conducted an audit of any funds expended pursuant to any prescription drug purchasing agreement or pharmacy benefit management contract executed under the provisions of this article for each fiscal year that the prescription drug purchasing agreement or pharmacy benefit management contract is in effect. The director shall submit the audit to the Joint Committee on Government and Finance upon completion, but in no event later than December 31, after the end of the fiscal year subject to audit.
Terms Used In West Virginia Code 5-16C-8
- Audit: means a systematic examination and collection of sufficient, competent evidential matter needed for an Auditor to attest to the fairness of management'. See West Virginia Code 5-16C-2
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the director of the Public Employees Insurance Agency created under article sixteen of this chapter. See West Virginia Code 5-16C-2
- 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 committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Prescription drug purchasing agreement: means a written agreement to pool all parties'. See West Virginia Code 5-16C-2
(b) The director shall provide written notice to the Joint Committee on Government and Finance before executing a prescription drug purchasing agreement or a pharmacy benefit management contract or amending an existing prescription drug contract.