2014 Kentucky Revised Statutes CHAPTER 175B - KENTUCKY PUBLIC TRANSPORTATION INFRASTRUCTURE AUTHORITY 175B.100 Annual report by state authority -- Annual audit of state authority.
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175B.100 Annual report by state authority -- Annual audit of state authority.
(1)
(2)
Within ninety (90) days after the expiration of each fiscal year, the state
authority shall make an annual report of its activities for the preceding fiscal
year to the Controller of the Commonwealth within the Finance and
Administration Cabinet, the Transportation Cabinet, and the Legislative
Research Commission. The report shall set forth a complete operating and
financial statement covering its operation during the fiscal year.
(a) The state authority shall cause an audit of its books and accounts to be
made at least once each year.
(b) A request shall be made to the Auditor of Public Accounts for the
performance of an annual audit. If the Auditor of Public Accounts declines
in writing to assume responsibility for performing the audit or fails to
respond in writing within thirty (30) days of receiving the request, the state
authority may enter into a contract with a certified public accountant for an
audit.
(c) Any contract with a certified public accountant entered into as a result of
the Auditor of Public Accounts either declining to assume responsibility of
performing the audit or failing to respond within thirty (30) days of receipt
of a written request for an audit shall specify the following:
1.
That the certified public accountant shall forward a copy of the audit
report and management letters to the Auditor of Public Accounts for
review;
2.
That the Auditor of Public Accounts may review the certified public
accountant's work papers; and
3.
That after review of the certified public accountant's work papers, if
discrepancies are found, the Auditor of Public Accounts shall notify
the authority of the discrepancies. If the certified public accountant
does not correct these discrepancies prior to the release of the
audit, the Auditor of Public Accounts may conduct its own audit to
verify the findings of the certified public accountant's report.
(d) If an audit verifying the findings of the certified public accountant's report
is conducted by the Auditor of Public Accounts, the total audit expense
incurred shall be an allowable expenditure and shall be paid to the Auditor
of Public Accounts. If the audit conducted by the Auditor of Public
Accounts discloses discrepancies in the audit by the certified public
accountant, the findings of the Auditor of Public Accounts shall be
deemed official for all purposes.
Effective:June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 94, effective June 26,
2009.
Legislative Research Commission Note (6/26/2009). The internal numbering of
subsection (2) of this statute has been altered in codification by the Reviser of
Statutes from the way it appeared in 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec.
94, under the authority of KRS 7.136.
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