                                 CODE OF VIRGINIA

RECORDKEEPING; AUDITS (§ 33.2-299)

A. The accounts and records of the Authority showing the receipt and
disbursement of funds from whatever source derived shall be in a form prescribed
by governmental generally accepted accounting principles. Such accounts shall
correspond as nearly as possible to the accounts and records for such matters
maintained by enterprises.

B. The accounts of the Authority shall be audited annually by a certified public
accounting firm selected by the Auditor of Public Accounts with the assistance
of the Authority through a process of competitive negotiation. The cost of such
audit and review shall be borne by the Authority.

C. The Authority shall submit an annual report to the Governor and the General
Assembly on or before November 1 of each year. Such report shall contain the
audited financial statements of the Authority for the fiscal year ending the
preceding June 30.

D. The Board, the General Assembly, or the Governor may at any time request that
the Office of the State Inspector General, created pursuant to &#xA7; 2.2-308,
review any area of the Authority&#8217;s finances or operations.

HISTORY: 2020, cc. 1230, 1275.