§3354.  Independent audit of financial transactions of a university system, college or university

A.  Any board may from time to time cause to be made an independent audit of the financial transactions and accounts of its university system or of any college or university therein.

B.  For the performance of an independent audit a board shall employ auditors who have no financial interest in the activities of its university system and who are under no contract of employment or retainer with the university system or any department or division of the state government for purposes other than independent audit.  At least one responsible member of the auditing firm or group selected shall be qualified to practice as a certified public accountant.

C.  Upon completion of an independent audit, a complete and detailed report of the findings and recommendations of the auditors shall be printed by the board and copies thereof transmitted to the governor and the legislative auditor.  The expense of the audit and report shall be borne by the university system out of appropriations.

D.  Nothing herein contained shall be construed to eliminate the necessity of an audit required by law to be made by any public auditing agency.

Added by Acts 1975, No. 313, §2, eff. July 17, 1975.