District audits, reviews or compilations. A. It shall be the duty of the chairman of the board of directors to keep in repair such works as are constructed by the district and to operate such works, all as directed by said board. The chairman and all persons who may perform any service or labor as provided herein shall be paid such just and reasonable compensation as may be allowed by the board of directors and said board shall annually prepare an estimated budget for the coming year, adjust rates, if necessary to produce sufficient revenue required by such budget. B. 1. The board of directors of each district with a gross operating revenue of Fifty Thousand Dollars ($50,000.00) or more during a fiscal year shall cause to be prepared, by an independent licensed public accountant or a certified public accountant, an annual financial audit in accordance with generally accepted auditing standards as of the end of each fiscal year. Copies shall be filed with the State Auditor and Inspector within six (6) months after the close of the fiscal year. 2. The board of directors of each district with a gross operating revenue of less than Fifty Thousand Dollars ($50,000.00) during a fiscal year shall cause to be prepared an annual review or compilation in compliance with standards promulgated by the American Institute of Certified Public Accountants. Copies of the review or compilation shall be filed with the State Auditor and Inspector within six (6) months after the close of the fiscal year for which the review or compilation is done. C. Each annual review, compilation or audit prepared pursuant to this section shall be reported at the district's annual meeting. Nothing in this section shall in any way alter or eliminate the auditing requirements of any state or federal lending institution.
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