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

(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.

(a) The audit shall be conducted by: (i) the state auditor; or (ii) an independent auditor engaged by the state auditor.

(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.

(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 board; (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); (d) include an opinion regarding the accuracy of the information that supports the economic development impact in the state of the Utah fund of funds as described in Subsections 63N-6-203(3)(b)(ii) and 63N-6-406(3); and (e) 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).

(a) be delivered to: (i) the corporation; and (ii) the board;

(i) the corporation; and

(ii) the board;

(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);

(d) include an opinion regarding the accuracy of the information that supports the economic development impact in the state of the Utah fund of funds as described in Subsections 63N-6-203(3)(b)(ii) and 63N-6-406(3); and

(e) 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).