Sec. 1-122. Annual compliance audit.
Sec. 1-122. Annual compliance audit. The Auditors of Public Accounts shall annually conduct a compliance audit of each quasi-public agency's activities during the
preceding agency fiscal year or contract with a person, firm or corporation for any such
audit or audits. Each such audit shall determine whether the quasi-public agency has
complied with its regulations concerning affirmative action, personnel practices, the
purchase of goods and services, the use of surplus funds and the distribution of loans,
grants and other financial assistance. Each audit shall include a review of all or a representative sample of the agency's activities in such areas during such fiscal year. The
Auditors of Public Accounts shall submit each audit report to the Governor and two
copies of the audit report to the Legislative Program Review and Investigations Committee. Not later than thirty days after receiving copies of an audit report from the Auditors
of Public Accounts, the Legislative Program Review and Investigations Committee shall
prepare an assessment of whether the audit report complies with the requirements of
this section and shall submit the assessment and a copy of the audit report to the joint
standing committee of the General Assembly having cognizance of matters relating to
the quasi-public agency. Each quasi-public agency shall pay the cost of conducting such
annual compliance audit of the agency.
(P.A. 88-266, S. 41, 46; P.A. 03-133, S. 2.)
History: P.A. 03-133 required Auditors of Public Accounts to conduct or contract for audit, instead of requiring quasi-public agency board of directors to contract for audit, required Auditors of Public Accounts to submit copies of audit report
to Legislative Program Review and Investigations Committee, said committee to prepare and submit assessment of audit
report and copy of audit report to General Assembly, and required quasi-public agencies to pay for audits, effective July
1, 2004.