§ 63M-1-1217. Annual audits. (Effective 5/13/2014)

(1) Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.

(2)

(a) The audit shall be conducted by:

(i) the state auditor; or

(ii) an independent auditor engaged by the state auditor.

(b) An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:

(i) the corporation; or

(ii) the Utah fund of funds.

(3) The corporation shall pay the costs associated with the annual audit.

(4) The annual audit report shall:

(a) be delivered to:

(i) the corporation; and

(ii) the board;

(b) include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year;

(c) include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63M-1-1206(6); and

(d) be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Section 63M-1-1206.

Amended by Chapter 334, 2014 General Session