A board of regents shall not contract for or otherwise obtain the services of an independent accounting firm or individual to perform financial audits for an institution for more than five (5) consecutive years. If an independent accounting firm or individual has conducted financial audits of an institution of higher education for five (5) consecutive years, the board shall not obtain the auditing services of said firm or individual for said institution for at least two (2) years.
Added by Laws 1987, c. 229, § 7, eff. July 1, 1987. Amended by Laws 1993, c. 287, § 2; Laws 1994, c. 317, § 2, eff. July 1, 1994.