To ensure the financial integrity of the lottery, the corporation through its board shall:
Compile and submit quarterly and annual reports and financial statements, in compliance with Sections 27-115-19(3)(b) and 27-115-41;
Contract with an independent auditor who is a certified public accountant or firm to conduct an annual financial audit of the books and records of the corporation. The cost of this annual financial audit shall be an operating expense of the corporation:
Such independent auditor shall have no financial interest in any vendor with whom the corporation is under contract;
All contracts for independent auditors shall be reviewed by and subject to the approval of the State Auditor to ensure that the independent auditor is qualified to perform the audit;
The audit shall be completed within ninety (90) days after the close of the corporation's fiscal year; and
Contracts may be entered into for audit services for a period not to exceed five (5) years and the same firm shall not receive two (2) consecutive audit contracts.