(1) Each calendar year, an audit of the activities of the Utah fund of funds shall be made as described in this section. (2) (a) The audit shall be conducted by: (i) the state auditor; or (ii) an independent auditor engaged by the state auditor. (b) An independent auditor used under Subsection (2)(a)(ii) must have no business, contractual, or other connection to: (i) the corporation; or (ii) the Utah fund of funds. (3) The corporation shall pay the costs associated with the annual audit. (4) The annual audit report shall: (a) be delivered to: (i) the corporation; and (ii) the state treasurer; (b) include a valuation of the assets owned by the Utah fund of funds as of the end of the reporting year; (c) include an opinion regarding the accuracy of the information provided in the annual report described in Subsection 63N-6-301(6); and (d) be completed on or before September 1 for the previous calendar year so that it may be included in the annual report described in Subsection 63N-6-301(6).
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