{"data":{"id":"us-ky/krs-175b.100","jurisdiction":"us-ky","citation":"KRS 175B.100","heading":"Annual report by state authority -- Annual audit of state authority.","body":"(1) Within ninety (90) days after the expiration of each fiscal year, the state authority\nshall make an annual report of its activities for the preceding fiscal year to the\nController of the Commonwealth within the Finance and Administration Cabinet,\nthe Transportation Cabinet, and the Legislative Research Commission. The report\nshall set forth a complete operating and financial statement covering its operation\nduring the fiscal year.\n(2) (a) The state authority shall cause an audit of its books and accounts to  be made\nat least once each year.\n(b) A request shall be made to the Auditor of Public Accounts for the\nperformance of an annual audit. If the Auditor of Public Accounts declines in\nwriting to assume responsibility for performing the audit or fails to resp ond in\nwriting within thirty (30) days of receiving the request, the state authority may\nenter into a contract with a certified public accountant for an audit.\n(c) Any contract with a certified public accountant entered into as a result of the\nAuditor of P ublic Accounts either declining to assume responsibility of\nperforming the audit or failing to respond within thirty (30) days of receipt of\na written request for an audit shall specify the following:\n1. That the certified public accountant shall forward a  copy of the audit\nreport and management letters to the Auditor of Public Accounts for\nreview;\n2. That the Auditor of Public Accounts may review the certified public\naccountant's work papers; and\n3. That after review of the certified public accountant's wo rk papers, if\ndiscrepancies are found, the Auditor of Public Accounts shall notify the\nauthority of the discrepancies. If the certified public accountant does not\ncorrect these discrepancies prior to the release of the audit, the Auditor\nof Public Accounts  may conduct its own audit to verify the findings of\nthe certified public accountant's report.\n(d) If an audit verifying the findings of the certified public accountant's report is\nconducted by the Auditor of Public Accounts, the total audit expense incurr ed\nshall be an allowable expenditure and shall be paid to the Auditor of Public\nAccounts. If the audit conducted by the Auditor of Public Accounts discloses\ndiscrepancies in the audit by the certified public accountant, the findings of\nthe Auditor of Public Accounts shall be deemed official for all purposes.","path":["KRS Chapter 175B"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5153","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:26Z","sha256":"9cacd70587d603ded1b083982194f99f19170af01f8b5a6a4da4028856bcc61b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175b.095","next":"us-ky/krs-175b.105"},"notice":"GroundRules: Original legal text. Not legal advice."}