(a) At least once a year, the authority shall have a certified public accountant conduct an audit of the authority’s books, accounts, and other records. A copy of the audit shall be delivered to the city.
(b) If the authority does not have the required audit conducted, an auditor or accountant designated by the city may examine, at the expense of the authority, the accounts and books of the authority, including receipts, disbursements, contracts, leases, investments, and other matters relating to the authority’s finances, operation, and affairs.