Utah Code 63N-6-405. Annual audits

63N-6-405. Annual audits.

(1)	Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section.

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.
Corporation: means the Utah Capital Investment Corporation created under Section 63N-6-301. See Utah Code 63N-6-103
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Utah fund of funds: means a limited liability company established under Section 63N-6-401. See Utah Code 63N-6-103

(2)

(a)

The audit shall be conducted by:

(i)	the state auditor; or

(ii)	an independent auditor engaged by the state auditor.

(b)

An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to:

(i)	the corporation; or

(ii)	the Utah fund of funds.

(3)	The corporation shall pay the costs associated with the annual audit.

(4)

The annual audit report shall:

(a)

be delivered to:

(i)	the corporation; and

(ii)	the state treasurer;

(b)	include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year;

(c)	include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63N-6-301(6); and

(d)	be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Subsection 63N-6-301(6).

Amended by Chapter 298, 2022 General Session