(a) The regional council shall prepare an annual report of its activities through June 30 of each year and submit a copy of the report to the governor, the general assembly and the commissioner of finance and administration.
(b)
(1) 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 regional council and approved by the comptroller of the treasury. The cost of any audit shall be paid by the regional council.
(2) 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. No audit may be accepted as meeting the requirements of this section until approved by the comptroller of the treasury.
(3) All audits shall be completed as soon as practicable after the end of the fiscal year of the regional council. One (1) copy of each audit shall be furnished to each member of the regional council and the comptroller of the treasury. Copies of each audit shall also be made available to the press.
(4) All audits performed by the internal staff of the regional council shall be conducted in accordance with the standards established by the comptroller pursuant to § 4-3-304(9).
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