A.  Any contract, agreement, memorandum of understanding, or cooperative endeavor agreement entered into in order to carry out the purposes of this Chapter by the authority with any other party, whether public or private, shall require the contracting party to tender their annual financial audit, including all documents required to be submitted to federal regulators, to the authority for each year the agreement is in effect.

B.  Any party to a contract listed in Subsection A of this Section shall allow the legislative auditor, the legislative auditor’s authorized representatives, and the state of Louisiana, independently and with or through the authority, to inspect and audit all data and financial records of the contracting party related to its performance with respect to the contract, in accordance with the provisions set forth in La. Rev. Stat. 24:513 et seq.

C.  The rights of inspection and audit set forth in this Section shall commence as of the date of the contract and shall continue until four years have elapsed from the date the contract is terminated.

Acts 2014, No. 471, §1, eff. June 4, 2014.