{"data":{"id":"us-ky/krs-161.370","jurisdiction":"us-ky","citation":"KRS 161.370","heading":"Treasurer, auditor, and legal adviser of board -- Annual audit of Teachers'","body":"Retirement System.\n(1) The State Treasurer, the Auditor of Public Accounts, and the Attorney General shall\nbe treasurer, auditor, and legal adviser, respectively, of the board  of trustees, and\nshall be liable upon their official bonds for the faithful performance of such duties.\nThey shall serve without compensation except as provided by subsection (2)(b) of\nthis section. When the board of trustees deems it for the best interes ts of the\nretirement system, it may employ attorneys and pay reasonable fees for the services\nrendered.\n(2) (a) The board shall annually procure an audit of the Teachers' Retirement System.\nThe audit shall be conducted in accordance with generally accepted  auditing\nstandards. Except as provided by paragraph (b) of this subsection, the board\nmay select an independent certified public accountant to perform the audit and\npay reasonable fees for the services rendered. If the audit is performed by an\nindependent certified public accountant, the Auditor of Public Accounts shall\nnot be required to perform an audit pursuant to KRS 43.050(2)(a), but may\nperform an audit at his discretion.\n(b) At least once every five (5) years, the Auditor of Public Accounts shall\nperform the audit described by this subsection, and the system shall reimburse\nthe Auditor of Public Accounts for all costs of the audit. The Auditor of\nPublic Accounts shall determine which fiscal year during the five (5) year\nperiod the audit prescribed by this paragraph will be completed.\n(3) The board shall make copies of the audit required by this section available for\nexamination by any active contributing member or annuitant in the office of the\nexecutive secretary of the Teachers' Retirement System an d in such other places as\nmay be necessary to make the audit available to all active contributing members and\nannuitants. A copy of the annual audit shall be sent to the Legislative Research\nCommission no later than ten (10) days after receipt by the board.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40004","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:10Z","sha256":"bf77f07b9124a386c70e39b5d3ca676259daaaaf994c957ee26425fde4b82bbc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.360","next":"us-ky/krs-161.380"},"notice":"GroundRules: Original legal text. Not legal advice."}