2006 Utah Code - 63-38f-1217 — Annual audits.

     63-38f-1217.   Annual audits.
     (1) Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.
     (2) (a) The audit shall be conducted by:
     (i) the state auditor; or
     (ii) an independent auditor engaged by the state auditor.
     (b) An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:
     (i) the corporation; or
     (ii) the Utah fund of funds.
     (3) The corporation shall pay the costs associated with the annual audit.
     (4) The annual audit report shall:
     (a) be delivered to:
     (i) the corporation; and
     (ii) the board; and
     (b) include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year.

Renumbered and Amended by Chapter 148, 2005 General Session