Section 16-209 - Independent and County-sponsored audits.
§ 16-209. Independent and County-sponsored audits.
(a) Independent audits.-
(1) The Montgomery Commission shall provide annually to the county government an audit of each housing project financed by bonds guaranteed by the County.
(2) The audit shall be done by:
(i) an independent certified public accountant licensed by the State; or
(ii) a firm of independent certified public accountants licensed by the State.
(3) The accountant or firm of accountants shall provide appropriate certified financial statements and a management letter on the financial soundness of the housing project.
(b) County-sponsored audits allowed.- The County government may undertake financial and compliance audits on housing projects financed by bonds guaranteed under this subtitle.
[An. Code 1957, art. 44A, § 2-103(a)(5); 2006, ch. 63, § 2.]