(a) The corporation shall engage a certified public accountant to conduct an annual audit of its financial affairs, books, and records in accordance with generally accepted accounting principles. The corporation, in consultation with a regional system board, may permit or require a regional system board to retain an audit firm to conduct an independent audit of the regional system. Each regional system board shall submit the results of the annual audit to the corporation board within one hundred twenty days after the close of the regional system board’s fiscal year. The corporation shall submit to the governor and the legislature, within one hundred fifty days after the close of the corporation’s fiscal year, a report that shall include the audited financial report for that fiscal year for the corporation and each regional system board.
Terms Used In Hawaii Revised Statutes 323F-22
Corporation: means the body corporate and politic known as the Hawaii health systems corporation. See Hawaii Revised Statutes 323F-1
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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.
Health facility: means any one of the facilities that constitute the division of community hospitals. See Hawaii Revised Statutes 323F-1
Regional system board: means a community-based governing board of directors of a regional system of the corporation. See Hawaii Revised Statutes 323F-1
(b) In addition to the submittal of the audit required under subsection (a), the corporation, in cooperation with the regional system boards, shall submit a report to the legislature at least twenty days prior to the convening of each regular session that shall include but not be limited to:
(1) The projected revenues for each health care facility;(2) A list of all proposed capital improvement projects planned for implementation during the following fiscal year; and(3) All reports submitted by regional public health facility management advisory committees pursuant to section 323F-10(c).(c) The regional system boards shall prepare a report for inclusion with the corporation’s annual report and audit.(d) There shall be an annual internal audit of the management and operations of the corporation and regions. The corporation, in cooperation with the regional system boards, shall submit a report to the legislature at least twenty days prior to the convening of each regular session on the results of the annual internal audit of the management and operations of the corporation and regions.
