69-6-142 - Audits.
69-6-142. Audits.
(a) The board of directors of each district shall cause an annual audit to be made of the books and records of its district. The comptroller of the treasury, through the department of audit, shall be responsible for determining that such audits are made in accordance with generally accepted governmental auditing standards and that such audits meet the minimum standards prescribed by the comptroller of the treasury.
(b) These audits shall be made by certified public accountants or by the department. In the event the governing body of the district shall fail or refuse to have the audit made, then the comptroller of the treasury may appoint a certified public accountant, or direct the department to make the audit, the cost of such audit to be paid by the district.
(c) The comptroller of the treasury is authorized to direct the department to modify the requirements for an audit as set out in this section for any districts whose activity, in the comptroller's judgment, is not sufficient to justify the expenses of a complete audit. The comptroller of the treasury is authorized to direct the department to make an audit or financial review of the books and records of districts.
(d) Each district shall prepare an annual report of its business affairs and transactions.
[Acts 1955, ch. 112, § 27; T.C.A., § 70-1842; Acts 1984, ch. 794, § 14; 1993, ch. 271, § 1; T.C.A. § 69-7-142.]