Title 42
State Affairs and Government

Chapter 155
Quasi-Public Corporations Accountability and Transparency Act

§ 42-155-7. Audit of quasi-public corporations.

(a) Commencing January 1, 2015, and every five (5) years thereafter, each quasi-public corporation shall be subject to a performance audit, conducted in compliance with the generally acceptable governmental auditing standards or the standards for the professional practice of internal auditing, by the chief of the office of internal audit. The chief, in collaboration with the quasi-public corporation, shall determine the scope of the audit. To assist in the performance of an audit, the chief, in collaboration with the quasi-public corporation, may procure the services of a certified public accounting firm, which shall be a subcontractor of the office of internal audit, and shall be under the direct supervision of the office of internal audit. The chief of the office of internal audit shall establish a rotating schedule identifying the year in which each quasi-public corporation shall be audited. The schedule shall be posted on the website of the office of internal audit.

(b) The audit shall be conducted in conformance with chapter 7 of title 35 (“Post Audit of Accounts”).

(c) Each quasi-public corporation shall be responsible for costs associated with its own audit. The chief and each quasi-public corporation shall agree upon reasonable costs for the audit, not to exceed seventy-five thousand dollars ($75,000), that shall be remitted to the office of internal audit.

(d) The results of the audit shall be made public upon completion and posted on the websites of the office of internal audit and the quasi-public corporation.

(e) For purposes of this section, a performance audit shall mean an independent examination of a program, function, operation, or the management systems and procedures of a governmental or nonprofit entity to assess whether the entity is achieving economy, efficiency, and effectiveness in the employment of all available resources.