KRS 342.1225: Annual audit of commission's financial statements.

The board of directors shall require the commission to engage a certified public

accountant or a firm of certified public accountants to conduct an annual examination of

the commission's financial statements, conditions, transactions, and affairs in accord ance

with generally accepted auditing standards for the purpose of submitting an independent

opinion, and preparing a report of findings and recommendations concerning the

commission's internal accounting controls and procedures. The opinions and reports o f

the accountants shall be forwarded annually to the Governor and Auditor of Public

Accounts. Notwithstanding any other provision of this chapter, the Auditor of Public

Accounts shall have access to and may examine all books, accounts, reports, vouchers,

correspondence files, records, money, and property of the commission and may otherwise

exercise all powers of his office under KRS Chapter 43 with respect to the association.