528 LAWS OF MARYLAND [Ch. 4
(C) FINANCIAL ACCOUNTING AND CONTROLS GENERALLY;
FISCAL YEAR.—THE SERVICE SHALL HAKE PROVISION FOR A
SYSTEM OF FINANCIAL ACCOUNTING, CONTROLS, AUDITS, AND
REPORTS. ALL ACCOUNTING SYSTEMS AND RECORDS, AUDITING
PROCEDURES AND STANDARDS, AND FINANCIAL REPORTING
SHALL CONFORM TO GENERALLY ACCEPTED PRINCIPLES OF
GOVERNMENTAL ACCOUNTING. THE SERVICE SHALL ADOPT THE
FISCAL YEAR OF JULY 1 TO JUNE 30, DESIGNATE THE
NECESSARY FUNDS FOR COMPLETE ACCOUNTABILITY, AND
SPECIFY THE BASIS OF ACCOUNTING FOR EACH FUND.
REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 24 (c) of
the Code.
(D) ANNUAL INDEPENDENT AUDITS AND REPORTS.—AS
SOON AS PRACTICAL AFTER THE CLOSING OF THE FISCAL
YEAR, AN AUDIT SHALL BE MADE OF THE FINANCIAL BOOKS,
RECORDS, AND ACCOUNTS OF THE SERVICE. THE AUDIT SHALL
BE MADE BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS,
SELECTED BY THE SERVICE, AND LICENSED TO PRACTICE IN
THE STATE AS AUDITORS. THE AUDITORS MAY NOT HAVE A
PERSONAL INTEREST EITHER DIRECTLY OR INDIRECTLY IN THE
FISCAL AFFAIRS OF THE SERVICE. THEY SHALL BE
EXPERIENCED AND QUALIFIED IN THE ACCOUNTING AND
AUDITING OF PUBLIC BODIES. THE REPORT OF AUDIT SHALL
BE PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED
AUDITING PRINCIPLES AND POINT OUT ANY IRREGULARITIES
FOUND TO EXIST. THE AUDITORS SHALL REPORT THE RESULTS
OF THEIR EXAMINATION, INCLUDING THEIR UNQUALIFIED
OPINION ON THE PRESENTATION OF THE FINANCIAL POSITION
OF THE VARIOUS FUNDS AND THE RESULTS OF THE SERVICE'S
FINANCIAL OPERATIONS. IF THEY ARE UNABLE TO EXPRESS
AN UNQUALIFIED OPINION THEY SHALL STATE AND EXPLAIN IN
DETAIL THE REASONS FOR THEIR QUALIFICATIONS,
DISCLAIMER, OR OPINION INCLUDING RECOMMENDATIONS
NECESSARY TO MAKE POSSIBLE FUTURE UNQUALIFIED
OPINIONS.
REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 24(d) of
the Code.
(E) SERVICE SUBJECT TO STATE AUDIT.—THE BOOKS,
RECORDS, AND ACCOUNTS OF THE SERVICE ARE SUBJECT TO
AUDIT BY THE STATE.
REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 24(e) of
the Code.
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