Okla. Stat. tit. 82, § 82-1324.18: Duty of chairman - Compensation for services -

District audits, reviews or compilations.

A. It shall be the duty of the chairman of the board of

directors to keep in repair such works as are constructed by the

district and to operate such works, all as directed by said board.

The chairman and all persons who may perform any service or labor as

provided herein shall be paid such just and reasonable compensation

as may be allowed by the board of directors and said board shall

annually prepare an estimated budget for the coming year, adjust

rates, if necessary to produce sufficient revenue required by such

budget.

B. 1. The board of directors of each district with a gross

operating revenue of Fifty Thousand Dollars ($50,000.00) or more

during a fiscal year shall cause to be prepared, by an independent

licensed public accountant or a certified public accountant, an

annual financial audit in accordance with generally accepted

auditing standards as of the end of each fiscal year. Copies shall

be filed with the State Auditor and Inspector within six (6) months

after the close of the fiscal year.

2. The board of directors of each district with a gross

operating revenue of less than Fifty Thousand Dollars ($50,000.00)

during a fiscal year shall cause to be prepared an annual review or

compilation in compliance with standards promulgated by the American

Institute of Certified Public Accountants. Copies of the review or

compilation shall be filed with the State Auditor and Inspector

within six (6) months after the close of the fiscal year for which

the review or compilation is done.

C. Each annual review, compilation or audit prepared pursuant

to this section shall be reported at the district's annual meeting.

Nothing in this section shall in any way alter or eliminate the

auditing requirements of any state or federal lending institution.