Control of funds appropriated and all procedures incident to the carrying out of the purposes of this chapter shall be vested in the Board. The books of account of the Corporation shall be audited annually by an independent public accounting firm registered in the State of Vermont in accordance with government auditing standards issued by the U.S. Government Accountability Office (GAO) and the resulting audit report filed with the Secretary of Administration not later than November 1 each year. The Auditor of Accounts or his or her designee shall be the State's nonvoting representative to an audit committee established by the Board. Biennially, the Board shall report to the Legislature on its activities during the preceding biennium. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this section. (Added 1965, No. 198, § 8; amended 2003, No. 86 (Adj. Sess.), § 10; 2007, No. 121 (Adj. Sess.), § 5; 2013, No. 142 (Adj. Sess.), § 29.)