KRS 262.763: Audit of accounts -- Report of accountant -- Compliance with KRS

65A.010 to 65A.090 -- Exception.

(1) Notwithstanding KRS 65A.030, an audit of the accounts of each watershed

conservancy district shall take place once every four (4) years unle ss the watershed

conservancy district receives or expends one million dollars ($1,000,000) or more

in any year, in which case the watershed conservancy district shall provide for the

performance of an annual audit. The audit shall be conducted in accordanc e with

audit standards and requirements stipulated in KRS 65.065(5). The board of

directors of each watershed conservancy district shall select to make the audit

certified public accountants who have no personal interest in the financial affairs of

the board of directors or in any of its officers or employees.

(2) Immediately upon completion of each audit, the accountant shall prepare a report of

his or her findings and recommendations. This report shall be to the board of

directors and in such number of co pies as specified by the board of directors. The

actual expense of any audit authorized under this section shall be borne by the

watershed conservancy district.

(3) The board of directors shall comply with the provisions of KRS 65A.010 to

65A.090, except t hat KRS 65A.030 shall not apply to watershed conservancy

districts.