KRS 164A.570: Annual audit.

The governing board of any postsecondary educational institution making the election

prescribed in KRS 164A.560 shall engage a qualified firm of certified public accountants

experienced in the auditing of institutions to conduct an annual examination of th e

institution's financial statements in accordance with generally accepted auditing standards

for the purpose of submitting an independent opinion, and preparing a report of findings

and recommendations concerning internal accounting controls and procedure s, and

compliance with KRS 164A.555 to 164A.630. The secretary of the Finance and

Administration Cabinet may prescribe the minimum scope of any such audit. The

opinion, with the findings and recommendations, shall be forwarded to the Governor, the

secretary of the Finance and Administration Cabinet, the Auditor of Public Accounts, the

director of the Legislative Research Commission, the president of the Council on

Postsecondary Education, and members of the governing board.