To be eligible for state funding, a regional education association must be audited, at least once every two years, by a certified public accountant, a licensed public accountant, or the state auditor. The audit must be presented to the state board of public school education. If any irregularities are noted, the state board of public school education may direct the superintendent of public instruction to withhold all payments to a regional education association until the board determines the irregularities have been addressed.