147A.117 Contract for audit by certified public accountant or firm instead of the
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/ky/147a-117A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Auditor of Public Accounts -- Conditions for.
(1)No area development district shall enter into any contract with a certified public
accountant or firm to perform an audit unless the Auditor of Public Accounts has
declined in writing to perform the audit or has failed to respond within thirty
days of receipt of a written request. The area development district shall furnish the
Auditor of Public Accounts with a comprehensive statement of the scope and nature
of the proposed audit. The actual expense of an audit performed by the Auditor of
Public Accounts shall be billed to the audited area development district.
(2)Any contract with a certified public accountant or firm entered into as a result of the
Auditor of Public Accounts either declining to perform the audit or failing to
respond within thirty
(30)days of receipt of a written request for an audit shall
specify the following:
(a)That the certified public accountant shall forward a copy of the audit report
and management letters to the Auditor of Public Accounts for review;
(b)That the Auditor of Public Accounts shall have the right to review the
certified public accountant or firm's work papers before and after the release
of the audit; and
(c)That after review of the certified public accountant or firm's work papers,
should discrepancies be found, the Auditor of Public Accounts shall notify the
audited entity of the discrepancies. If the certified public accountant or firm
does not correct these discrepancies prior to the release of the audit, the
Auditor of Public Accounts may conduct its own audit to verify the findings
of the certified public accountant's report.
(3)If an audit verifying the findings of the certified public accountant or firm's report is
conducted by the Auditor of Public Accounts, the actual expense of the audit shall
be billed to the area development district.