Sec. 6. (a) The commission shall biennially engage an independent third party examiner to audit the data submitted by each state educational institution for use within the outcomes based funding formula. (b) If the audit required under subsection (a) is performed by the state board of accounts, the state educational institutions shall pay the actual and indirect costs of performing the audit. (c) The commission shall promptly submit a copy of each audit report produced under subsection (a) to the audit and financial reporting subcommittee of the legislative council in an electronic format under IC 5-14-6 .
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