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164A.570 Annual audit.

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Page 1 of 1 164A.570 Annual audit. The governing board of any postsecondary educational institution making the election <br>prescribed in KRS 164A.560 shall engage a qualified firm of certified public accountants <br>experienced in the auditing of institutions to conduct an annual examination of the <br>institution's financial statements in accordance with generally accepted auditing standards <br>for the purpose of submitting an independent opinion, and preparing a report of findings <br>and recommendations concerning internal accounting controls and procedures, and <br>compliance with KRS 164A.555 to 164A.630. The secretary of the Finance and <br>Administration Cabinet may prescribe the minimum scope of any such audit. The <br>opinion, with the findings and recommendations, shall be forwarded to the Governor, the <br>secretary of the Finance and Administration Cabinet, the Auditor of Public Accounts, the <br>director of the Legislative Research Commission, the president of the Council on <br>Postsecondary Education, and members of the governing board. Effective: May 30, 1997 <br>History: Amended 1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 139, effective May 30, 1997. -- Created 1982 Ky. Acts ch. 391, sec. 5, effective July 15, 1982.