5-11-1-30. Request for examination according to generally accepted accounting principles

IN Code § 5-11-1-30 (2019) (N/A)

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Sec. 30. (a) An audited entity may request that an examination conducted by the state board of accounts be conducted in accordance with generally accepted accounting principles. A request by a public officer must be approved by resolution adopted by the legislative body for the audited entity.

(b) The state board of accounts shall, not more than sixty (60) days after receiving a request under subsection (a):

(1) acknowledge receipt of the request; and

(2) notify the requesting public officer or legislative body that the request is:

(A) approved; or

(B) disapproved.

(1) the audited entity, under the guidelines established by the state board of accounts, did not request the audit within sixty (60) days after the close of the audited entity's fiscal year;

(2) the audited entity does not conduct its accounting according to generally accepted accounting principles;

(3) the audited entity did not maintain the audited entity's financial records during the preceding year on a generally accepted accounting principles basis;

(4) the annual financial statements and notes to the financial statements are not presented or will not be presented to the state board of accounts for audit on the schedule agreed to by the state examiner; or

(5) the audited entity does not follow the other guidelines established by the state board of accounts.

As added by P.L.181-2015, SEC.18.

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