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Ch. 779
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3154
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LAWS OF MARYLAND
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CONDUCT AN ANNUAL AUDIT OF A FISCAL AND COMPLIANCE NATURE
OF THE ACCOUNTS AND TRANSACTIONS OF THE AUTHORITY IN
PLACE OF CONDUCTING THESE AUDITS ON A BIENNIAL BASIS.
OFFICIALS OF THE AUTHORITY SHALL BE ADVISED WHETHER
ANNUAL OR BIENNIAL AUDITS WILL BE CONDUCTED. THE COST OF
THE FISCAL PORTION OF THE POST AUDIT EXAMINATIONS SHALL
BE BORNE BY THE AUTHORITY.
SECTION 3. AND BE IT FURTHER ENACTED, That new
Section 243(f) be and it is hereby added to Article 48A —
Insurance Code, of the Annotated Code of Maryland (1972
Replacement Volume and 1976 Supplement) to read as
follows:
Article 48A - Insurance Code
24 3.
(F) AT HIS DISCRETION, THE LEGISLATIVE AUDITOR MAY
CONDUCT AN ANNUAL AUDIT OF A FISCAL AND COMPLIANCE NATURE
OF THE ACCOUNTS AND TRANSACTIONS OF THE FUND IN PLACE OF
CONDUCTING THESE AUDITS ON A BIENNIAL BASIS. OFFICIALS
OF THE FUND SHALL BE ADVISED WHETHER ANNUAL OR BIENNIAL
AUDITS WILL BE CONDUCTED. THE COST OF THE FISCAL PORTION
OF THE POST AUDIT EXAMINATIONS SHALL BE BORNE BY THE
FUND. IF A FISCAL AUDIT OF THE FUND HAS BEEN UNDERTAKEN
BY AN INDEPENDENT AUDITOR, THE AUDIT BY THE LEGISLATIVE
AUDITOR FOR THAT SAME PERIOD SHALL NOT DUPLICATE THE
FISCAL PORTION OF THE AUDIT MADE BY THE INDEPENDENT
AUDITIOR. IF AT THE REQUEST OF THE FUND THE LEGISLATIVE
AUDITOR UNDERTAKES THE FISCAL PORTION OF THE AUDIT IN
LIEU OF AN INDEPENDENT AUDITOR, THE LEGISLATIVE AUDITOR
MAY CHARGE THE FUND FOR THE COST OF THE AUDIT. THE AUDIT
UNDERTAKEN PURSUANT TO THIS SUBSECTION SHALL BE IN
ADDITION TO AND NOT IN SUBSTITUTE OF ANY AUDIT OR
REGULATORY AUTHORITY OF THE INSURANCE COMMISSIONER.
SECTION 4. AND BE IT FURTHER ENACTED, That new
Sections 19A and 63A be and they are hereby added to
Article 73B - Pensions, of the Annotated Code of Maryland
(1970 Replacement Volume and 1976 Supplement) to read as
follows:
Article 73B — Pensions
19A. POST COMPLIANCE AUDITS.
AT HIS DISCRETION, THE LEGISLATIVE AUDITOR MAY
CONDUCT AN ANNUAL AUDIT OF A FISCAL AND COMPLIANCE NATURE
OF THE ACCOUNTS AND TRANSACTIONS OF THE EMPLOYEES'
RETIREMENT SYSTEM IN PLACE OF CONDUCTING THESE AUDITS ON
A BIENNIAL BASIS. OFFICIALS OF THE EMPLOYEES' RETIREMENT
SYSTEM SHALL BE ADVISED WHETHER ANNUAL OR BIENNIAL AUDITS
WILL BE CONDUCTED.
63A. POST COMPLIANCE AUDITS.
AT HIS DISCRETION, THE LEGISLATIVE AUDITOR MAY
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