§ 31-115. Annual report by Authority.

(a)

The Authority shall keep full and accurate accounts of its activities and operations and shall annually in the month of January make a report to the County Executive, the Chairman of the Council, and the Maryland Higher Education Supplemental Loan Authority.

(b)

(1)

The report shall cover the preceding fiscal year and shall include a complete operating and financial statement for that year. The Authority shall cause an audit of its books and accounts to be made at least once each year by independent certified public accountants, and the cost thereof shall be paid by the Authority from funds available to it pursuant to this Subtitle.

(2)

The independent audit required under this Subsection shall be conducted in accordance with generally accepted auditing standards by an independent auditor, who is a certified public accountant and who is in good standing under the laws of this State or a certified accounting firm, according to the American Institute of Certified Public Accountants (AICPA) guidelines.

(3)

Any person or firm who is currently suspended from practice before the Securities and Exchange Commission or other governmental agency is not qualified for purposes of this Subsection.

(Chapter 704, Laws of Md., 1986)