(a) The books and accounts of the University of Vermont and State Agricultural College shall be audited annually as of June 30 by an independent accounting firm registered in the State of Vermont in accordance with government auditing standards issued by the U.S. Government Accountability Office (GAO). The Auditor of Accounts or his or her designee shall be the State's nonvoting representative to an audit committee established by the Board.

(b), (c) [Repealed.]

(d) Control of funds appropriated and of the work carried on shall be vested in the Board of Trustees of the University of Vermont and State Agricultural College.

(e) The University of Vermont and State Agricultural College shall provide an accounting service which shall account for the expenditures by divisions.

(f) Control of funds appropriated shall be vested in the Board of Trustees of the University of Vermont and State Agricultural College. All funds appropriated to the Agricultural College shall be kept in a separate account and shall be audited annually by an independent accounting firm registered in the State of Vermont in accordance with government auditing standards issued by the U.S. Government Accountability Office. (Amended 2007, No. 121 (Adj. Sess.), § 4; 2007, No. 154 (Adj. Sess.), §§ 6, 10; 2009, No. 33, §§ 36, 83(g)(4); 2015, No. 23, § 40.)