December 31 shall file the report within 90 days after the
end of their fiscal year.
(2) Every authority shall have its books, accounts and
records audited annually by a certified public accountant,
and a copy of his audit report shall be filed in the same
manner and within the same time period as the annual report.
The audit shall comply with the following standards:
(i) The generally accepted government auditing
standards, including the standards published by the
General Accountability Office.
(ii) The Single Audit Act of 1984 (31 U.S.C. § 7501
et seq.).
(iii) 2 C.F.R. Pt. 200 (relating to the Uniform
administrative requirements, cost principles and audit
requirements for Federal awards).
(iv) Any other Federal or State requirements for an
audit relating to the finances of an authority .
(3) A concise financial statement shall be published
annually at least once in a newspaper of general circulation
in the municipality where the principal office of the
authority is located. If the publication is not made by the
authority, the municipality shall publish such statement at
the expense of the authority.
(4) If the authority fails to make such an audit or if
the municipality determines that there is a need for an
audit, then the controller, auditor or accountant designated
by the municipality is hereby authorized and empowered from
time to time to examine at the expense of the authority the
accounts and books of it, including its receipts,
disbursements, contracts, leases, sinking funds, investments
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