A. The board shall cause an annual audit to be made of the fund. The audit shall be conducted by a certified public accountant within one hundred fifty days after the close of the fiscal year. The board shall immediately file a certified copy of the audit with the auditor general.

Terms Used In Arizona Laws 41-2263

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Board: means the board of directors of the Arizona finance authority established by chapter 53, article 2 of this title. See Arizona Laws 41-2251
  • 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.
  • Fund: means the greater Arizona development authority revolving fund established by section 41-2254. See Arizona Laws 41-2251
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215

B. The auditor general may make further audits and examinations that the auditor general considers to be necessary and take appropriate action relating to the audit or examination pursuant to title 41, chapter 7, article 10.1. If the auditor general takes no official action within twenty days after the annual audit is filed pursuant to subsection A, the audit is considered to be sufficient.

C. The board shall pay any fees and costs of the certified public accountant and auditor general under this section from the earnings on the fund.

D. Not later than January 1 of each year, the board shall submit an annual report of its activities, including a copy of the annual audit, to the governor, the president of the senate and the speaker of the house of representatives.