(a) Each authority shall engage a firm or firms of certified public accountants to conduct an annual audit of the financial affairs of the authority. Each audit shall be conducted in accordance with generally accepted accounting principles.
Terms Used In Alabama Code 16-17A-16
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 30-3D-608
(b) The board shall submit all audits required by subsection (a) to the sponsoring university as promptly as practicable after the end of each fiscal year of the authority.