Utah Code § 53H-16-407: Annual audit.

(1) Each calendar year, an audit of the activities of the Nucleus Fund shall be conducted by:

(a) the state auditor; or

(b) the state auditor's designee.

(2) A designee described in Subsection (1)(b) may not have a business, contractual, or other connection to the institute or the Nucleus Fund.

(3) The annual audit shall:

(a) include a valuation of the assets owned by the Nucleus Fund as of the end of the reporting year, using market-standard techniques for assets typically held by early stage private investment and venture capital funds;

(b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 53H-16-406; and

(c) on or before September 1, be delivered to:

(i) the institute; and

(ii) the state treasurer.

(4) The institute shall pay the costs associated with the annual audit.