{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5062.19","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5062.19","heading":"Annual report - Matters included - Compliance with","body":"G.A.O. auditing standards.\n\nA. Within sixty (60) days after the end of each fiscal year,\n\nthe Oklahoma Development Finance Authority shall, in its annual\n\nreport, account for:\n\n1. The manner in which the purpose as described in Section\n\n5062.1 et seq. of this title has been carried out by the Oklahoma\n\nDevelopment Finance Authority;\n\n2. A list of all bonds issued by the Authority and an itemized\n\nlist of costs of issuance and an evaluation of the extent to which\n\nthe purposes of the bond proceeds have been realized;\n\n3. A list of all loans made by the Authority and a description\n\nof projects financed;\n\n4. Documentation and estimates of jobs created and jobs\n\npreserved as a result of loans made by the Authority;\n\n5. Estimates of the multiplier effects on the local and/or\n\nstatewide economy of loans made by the Authority;\n\n6. An analysis by size, sector and location of the targeting of\n\nloans by the Authority to agricultural enterprises, industrial\n\nenterprises, and to the state and any of its political subdivisions;\n\n7. A preliminary financial report showing the financial\n\ncondition of the Authority at the end of the fiscal year; provided,\n\nan independent audit in accordance with generally accepted\n\naccounting principles shall be undertaken by an accounting firm or\n\nindividual holding a permit to practice public accounting in this\n\nstate and shall be submitted to the Governor, the Speaker of the\n\nHouse of Representatives, the President Pro Tempore of the Senate,\n\nOklahoma Futures and the Office of the State Auditor and Inspector\n\nin accordance with the requirements set forth for financial\n\nstatement audits in Section 212A of this title. The audit shall\n\ninclude:\n\na. a statement of the aggregate dollar amount, if any, of\n\nobligations which are backed by the Credit Enhancement\n\nReserve Fund and which are more than ninety (90) days\n\ndelinquent in their payments, and\n\nb. a statement of payments made from the Credit\n\nEnhancement Reserve Fund, and\n\nc. a statement on the loss rate percentage derived by\n\ndividing the outstanding principal balance of unpaid\n\nobligations of the Credit Enhancement Reserve Fund by\n\nthe amount of payments made from the fund during the\n\nfiscal year; and\n\n8. Policy recommendations for programs which will enhance the\n\neconomic growth and development of the state.\n\nB. All public accountants and certified public accountants, as\n\na condition of being approved by the Oklahoma Development Finance\n\nAuthority to perform the annual independent audit required pursuant\n\nto this section, shall comply with the most recent \"Governmental\n\nAuditing Standards\" of the Standards for Audit of Governmental\n\nOrganizations, Programs, Activities, and Functions, issued by the\n\nUnited States General Accounting Office. A copy of the peer review\n\nperformed in accordance with the above standards shall be filed with\n\nthe Authority. Should the results of the peer review indicate that\n\nmaterial deficiencies exist in the audit work performed by the\n\nreviewed auditing firm, the Oklahoma State Board of Public\n\nAccountancy shall so notify the Authority, which shall immediately\n\nremove the reviewed firm from any approved list of auditors\n\nmaintained by the Authority for a period of at least two (2) years\n\nor until such time as the firm has demonstrated satisfactory\n\ncorrection of the deficiencies reported in the peer review.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2ad0c802bb7633ac4c8f8b80f7a1feb57e7cdad128d0525d9ba2e939da8db3dd","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5062.18","next":"us-ok/okla.-stat.-tit.-74-74-5062.2"},"notice":"GroundRules: Original legal text. Not legal advice."}