Sec. 25. (a) This section and section 24.4 of this chapter do not limit the application of any law that requires a municipality, a public hospital, another public office or public officer, an entity, or another person or organization to be audited or otherwise examined on an annual or other basis by:
(1) a certified public accountant; or
(2) a person other than the state examiner or the state board of accounts.
(b) Subject to section 9 of this chapter and subsections (c) and (d), the state board of accounts shall conduct examinations of audited entities at the times determined by the state board of accounts, but not less than once every four (4) years, using risk based examination criteria that are established by the state board of accounts and approved by the audit committee. The risk based examination criteria must include the following risk factors:
(1) An audited entity has a newly elected or appointed fiscal officer.
(2) An audited entity:
(A) has not timely filed; or
(B) has filed a materially incorrect or incomplete;
annual financial report required by section 4 of this chapter.
(3) Any other factor determined by the state examiner and approved by the audit committee.
(c) Examinations must be conducted annually for the following:
(1) The state.
(2) An audited entity (other than a school corporation) that requires an annual audit:
(A) because of the receipt of federal financial assistance in an amount that subjects the audited entity to an annual federal audit;
(B) due to continuing disclosure requirements; or
(C) as a condition of a public bond issuance.
(3) A development authority.
An audited entity shall, under the guidelines established by the state board of accounts, provide notice to the state examiner not later than sixty (60) days after the close of the audited entity's fiscal year that the audited entity is required to have an annual audit under subdivision (2).
(d) As permitted under this section since September 1, 1986 (the effective date of P.L.3-1986, SECTION 16), examinations of school corporations shall be conducted biennially.
As added by P.L.3-1986, SEC.16. Amended by P.L.2-1991, SEC.27; P.L.181-2015, SEC.17; P.L.257-2019, SEC.6.
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