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Martin O'Malley, Governor
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Ch.3
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wish to consider clarifying these provisions.
Defined term: "Corporation" § 11-101
11-408. AUDITS BY LEGISLATIVE AUDITOR
(A) AUTHORIZED.
(1) THE AUDIT AUTHORIZED BY THIS SECTION IS FN ADDITION TO THE
ANNUAL AUDIT REQUIRED BY § 11-407 OF THIS SUBTITLE.
(2) FOR ANY FISCAL YEAR DURING WHICH STATE FUNDS ARE
AVAILABLE TO FINANCE ANY PORTION OF THE OPERATIONS OF THE CORPORATION,
THE LEGISLATIVE AUDITOR MAY AUDIT THE FINANCIAL TRANSACTIONS OF THE
CORPORATION.
(B) PROCEDURES.
(1) AN AUDIT UNDER THIS SECTION SHALL BE CONDUCTED WHERE THE
ACCOUNTS OF THE CORPORATION ARE NORMALLY KEPT.
(2) IF OWNED OR IN USE BY THE CORPORATION AND NECESSARY TO
FACILITATE THE AUDIT, THE CORPORATION SHALL MAKE AVAILABLE TO THE
LEGISLATIVE AUDITOR ALL:
(I) BOOKS;
(II) ACCOUNTS;
(III) FINANCIAL RECORDS;
(IV) REPORTS;
(V) FILES; AND
(VI) OTHER PAPERS OR PROPERTY.
(3) FULL FACILITIES FOR VERIFYING TRANSACTIONS WITH THE
BALANCES AND SECURITIES HELD BY DEPOSITORIES, FISCAL AGENTS, AND
CUSTODIANS SHALL BE AVAILABLE TO THE LEGISLATIVE AUDITOR
(4) UNLESS THE LEGISLATIVE AUDITOR REQUIRES A LONGER PERIOD
OF RETENTION, THE ITEMS LISTED IN PARAGRAPH (2) OF THIS SUBSECTION SHALL
REMAIN IN THE POSSESSION AND CUSTODY OF THE CORPORATION FOR 3 YEARS.
(C) REPORT.
THE LEGISLATIVE AUDIT SHALL BE SUBMITTED TO THE GENERAL ASSEMBLY
AND THE GOVERNOR, WITH ANY RECOMMENDATIONS THE LEGISLATIVE AUDITOR
CONSIDERS ADVISABLE.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 10, § 45K(b).
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- 571 -
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