Indiana Code Title 5. State and Local Administration § 5-33-3-2

Sec. 2. (a) The corporation is:

(b) The corporation is separate from the state.  However, the exercise by the corporation of its powers is an essential governmental function.

(c) The board may engage an independent certified public accounting firm to conduct an examination of:

The examination must comply with the uniform compliance guidelines, directives, and standards established by the state board of accounts.  If an independent certified public accounting firm conducts an examination, the corporation shall submit a copy of the examination report to the state board of accounts not later than the next date on which the corporation is required to file its financial reports under IC 5-11-1-4.