(1) The authority shall, following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor and the Legislature. Each report shall set forth a complete operating and financial statement of the agency during the fiscal year it covers.
(2) The state auditor shall at least once in each year audit the books and accounts of the authority or shall contract with an independent certified public accountant for this audit. The audit shall include a review of the procedures adopted under the requirements of Subsection 63H-7a-803(2) and a determination as to whether the board has complied with the requirements of Subsection 63H-7a-803(2).
(3) The authority shall reimburse the state auditor from available money of the authority for the actual and necessary costs of that audit.
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