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(1) Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.
(2)
(a) The audit shall be conducted by:
(i) the state auditor; or
(ii) an independent auditor engaged by the state auditor.
(b) An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:
(i) the corporation; or
(ii) the Utah fund of funds.
(3) The corporation shall pay the costs associated with the annual audit.
(4) The annual audit report shall:
(a) be delivered to:
(i) the corporation; and
(ii) the board;
(b) include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year;
(c) include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63N-6-301(6);
(d) include an opinion regarding the accuracy of the information that supports the economic development impact in the state of the Utah fund of funds as described in Subsections 63N-6-203(3)(b)(ii) and 63N-6-406(3); and
(e) be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Subsection 63N-6-301(6).