Pennsylvania Statutes Title 24 P.S. Education § 20-2015-A. Annual audit

(a) The activities of the system under this article shall be subject to the audit of the Department of the Auditor General, but the system shall not be required to pay a fee for any such audit. It shall make an annual report to the State board and to the General Assembly showing its condition at the end of the Commonwealth's fiscal year.

(b) The system shall report its financial statements in accordance with generally accepted accounting principles as prescribed by the National Association of College and University Business Officers, the American Institute of Certified Public Accountants or any other recognized authoritative body, as well as applicable policy and standards promulgated by the Commonwealth and the Federal Government.