63N-6-405. Annual audits.
186 words·~1 min read·
/ut/title-63n/chapter-6/63n-6-405A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 7/1/2022
63N-6-405. Annual audits.
(1)Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.
(a)The audit shall be conducted by:
(i)the state auditor; or
(ii)an independent auditor engaged by the state auditor.
(b)An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:
(i)the corporation; or
(ii)the Utah fund of funds.
(3)The corporation shall pay the costs associated with the annual audit.
(4)The annual audit report shall:
(a)be delivered to:
(i)the corporation; and
(ii)the state treasurer;
(b)include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year;
(c)include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63N-6-301(6) ; and
(d)be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Subsection 63N-6-301(6) .
Amended by Chapter 298 , 2022 General Session