(a) (1) The Montgomery Commission shall provide annually to the county government an audit of each housing project financed by bonds guaranteed by the county. (2) The audit shall be done by: (i) an independent certified public accountant licensed by the State; or (ii) a firm of independent certified public accountants licensed by the State. (3) The accountant or firm of accountants shall provide appropriate certified financial statements and a management letter on the financial soundness of the housing project. (b) The county government may undertake financial and compliance audits on housing projects financed by bonds guaranteed under this subtitle.
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