164A.365 Annual audited financial report to Governor, General Assembly, and

163 words·~1 min read·/ky/164a-365

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State Auditor.

(1)The board shall submit an annual audited financial report, prepared in accordance

with generally accepted accounting principles, on the operations of the savings plan

trust by the first day of November to the Governor, the General Assembly, and the

Auditor of Public Accounts. The annual audit shall be made by an independent

certified public accountant and shall include, but not be limited to, direct and

indirect costs attributable to the use of outside consultants, independent contractors,

and any other persons who are not state employees.

(2)The annual audit shall be supplemented by the following information prepared by

the board:

(a)Any studies or evaluations prepared in the preceding year;

(b)A summary of the benefits provided by the trusts including the number of

participants and beneficiaries in the trust; and

(c)Any other information which is relevant in order to make a full, fair, and

effective disclosure of the operations of the savings plan trust and the

endowment trust.