Mass. Gen. Laws ch. 74, § 42H: Audit of accounts

Section 42H. All accounts of the college or institute, as the case may be, under the direction of the board of trustees, including the accounts of all property or funds received, held or disbursed by the trustees under any provision of section forty-two L, shall be audited by the state auditor, in accordance with generally accepted government auditing standards, as often as the state auditor determines is necessary.