41.465 Annual financial statement audit. (1) (a) The commission shall annually procure a financial statement audit of all funds and accounts within its control. (b) The audit shall be conducted in accordance with generally accepted government auditing standards. (2) (a) The commission shall not enter int o any contract with a certified public accountant for an audit unless the Auditor of Public Accounts has: 1. Declined in writing to perform the audit; or 2. Failed to respond within fifteen (15) days of receipt of a written request for an audit. (b) If the Auditor of Public Accounts performs the annual audit required in subsection (1) of this section, the Auditor of Public Accounts shall maintain a record of all expenses incurred, including time worked on the audit, and these expenses shall be charged to th e commission. (c) If the Auditor of Public Accounts does not perform the annual audit, any contract with a certified public accountant shall specify the following: 1. The certified public accountant shall forward a copy of the audit report and management l etters to the Auditor of Public Accounts and to the Legislative Research Commission; and 2. the following: 1. The certified public accountant shall forward a copy of the audit report and management l etters to the Auditor of Public Accounts and to the Legislative Research Commission; and 2. The Auditor of Public Accounts shall have the right to review the certified public accountant's work papers. Effective: June 27, 2019 History: Created 2019 Ky. Acts ch. 155, sec. 4, effective June 27, 2019.
Kentucky Legal Code