Indiana Code Title 36. Local Government § 36-10-16-24

Sec. 24. (a) The state board of accounts shall, pursuant to IC 5-11-1-7 and IC 5-11-1-24, allow the commission to contract with a certified public accountant for an annual financial audit of the commission.  The certified public accountant may not have a significant financial interest in a project, facility, or service funded by or leased by or to the commission.  The certified public accountant selected by the commission must be approved by the state examiner and is subject to the direction of the state examiner while performing an annual financial audit under this chapter.

(b) The certified public accountant shall present an audit report not later than four (4) months after the end of each calendar year and shall make recommendations to improve the efficiency of the commission's operations.  The certified public accountant shall also perform a study and evaluation of internal accounting controls and shall express an opinion on the controls that were in effect during the audit period.

(c) The commission shall pay the cost of the annual financial audit under subsection (a).  In addition, the state board of accounts may at any time conduct an audit of any phase of the operations of the commission.  The commission shall pay the cost of any audit by the state board of accounts.

(d) The state board of accounts may waive the requirement that a certified public accountant perform an annual financial audit of the commission for a particular year if the commission certifies to the state board of accounts that the commission had no financial activity during that year.