(1) The governing board of each entity required to have an audit, review, compilation, or fiscal report shall ensure that the audit, review, compilation, or fiscal report is: (a) made at least annually; and (b) filed with the state auditor within six months of the close of the fiscal year of the entity.
(a) made at least annually; and
(b) filed with the state auditor within six months of the close of the fiscal year of the entity.
(2) If the political subdivision, interlocal organization, or other local entity receives federal funding, the audit, review, or compilation shall be performed in accordance with both federal and state auditing requirements.
(3) If a political subdivision receives revenue from a sales and use tax imposed under Section 59-12-2219, the political subdivision shall identify the amount of revenue the political subdivision budgets for transportation and verify compliance with Subsection 59-12-2219(13), regarding new revenue supplanting existing allocations, in the audit, review, compilation, or fiscal report.
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