| Chapter 195 |
| 2015 -- S 0708 Enacted 07/09/2015 |
| A N A C T |
| RELATING TO STATE AFFAIRS AND GOVERNMENT -- CORPORATIONS ACCOUNTABILITY AND TRANSPARENCY |
| Introduced By: Senators Sheehan, Cote, Lombardi, Conley, and Jabour |
| Date Introduced: March 18, 2015 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 42-155-7 of the General Laws in Chapter 42-155 entitled "Quasi- |
| Public Corporations Accountability and Transparency Act" is hereby amended to read as follows: |
| 42-155-7. Audit of quasi-public corporations. [Effective January 1, 2015.] -- (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 bureau of audits. 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 bureau of audits, and shall be under the |
| direct supervision of the bureau of audits. The chief of the bureau of audits 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 bureau of audits. |
| (b) The audit shall be conducted in conformance with chapter 7 of title 35 ("Post Audit |
| of Accounting"). |
| (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 bureau of |
| audit. audits. |
| (d) The results of the audit shall be made public upon completion and posted on the |
| websites of the bureau of audits 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 an all available resources. |
| SECTION 2. This act shall take effect upon passage. |
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| LC001748 |
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