(a) The American Legion shall, on or before January fifteenth annually, cause an independent audit to be conducted of the expenditures of the Soldiers, Sailors and Marines Fund, described in § 27-138. Such audit shall be conducted in accordance with sections 4-230 to 4-236, inclusive, and regulations adopted pursuant to § 4-236. The audit report shall include: (1) A list of expenditures authorized pursuant to § 27-140 that describes the type, and includes the assistance amount and the number of recipients, of each expenditure for each month; and (2) a detailed description of the administrative and operating expenditures incurred by the American Legion in administering the fund, along with the names, titles and compensation of all staff administering the operations of the fund.

(b) Not later than seven business days after the date on which the American Legion receives the audit report of the independent audit described in subsection (a) of this section, the American Legion shall submit to the Auditors of Public Accounts, the Office of Policy and Management, and the joint standing committees of the General Assembly having cognizance of matters relating to appropriations and the budgets of state agencies and veterans’ and military affairs a copy of such report. The American Legion shall make such report available to the public in an electronic format.