TCA § 13-14-112 — Reporting and auditing

Each board operating under this chapter shall prepare an annual report of its activities through June 30 of each year, and submit a copy of such report to the governor, the general assembly, and the commissioner of finance and administration. The annual reports and all books of accounts and financial records of all funds received by grant, contract or otherwise from state, local, or federal sources shall be subject to audit annually by the comptroller of the treasury. The audit may be performed by a licensed independent public accountant selected by the board and approved by the comptroller of the treasury. The cost of any audit shall be paid by the development district. The comptroller of the treasury shall ensure that audits are prepared in accordance with generally accepted governmental auditing standards and determine if the audits meet minimum audit standards prescribed by the comptroller of the treasury. No audit may be accepted as meeting the requirements of this section until approved by the comptroller of the treasury. All audits shall be completed as soon as practicable after the end of the fiscal year of the development district. One (1) copy of each audit shall be furnished to each member of the board of the development district and the comptroller of the treasury. Copies of each audit shall also be made available to the press. All audits performed by the internal audit staff of any such development district shall be conducted in accordance with the standards established by the comptroller of the treasury pursuant to § 4-3-304(9).