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Utah Code Title 63N. Economic Opportunity Act § 63N-21-402. Annual audit

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Each calendar year, an audit of the activities of the Utah innovation fund shall be conducted by:

(a) the state auditor; or

(b) an independent auditor engaged by the state auditor.

(2) An independent auditor described in Subsection (1)(b) may not have a business, contractual, or other connection to the innovation lab or the Utah innovation fund.

(3) The annual audit shall:

(a) include a valuation of the assets owned by the Utah innovation fund as of the end of the reporting year, using market-standard techniques for assets typically held by early stage private investment and venture capital funds;

(b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 63N-21-401; and

(c) on or before September 1, be delivered to:

(i) the innovation lab; and

(ii) the state treasurer.

(4) The innovation lab shall pay the costs associated with the annual audit.

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Cite this article: FindLaw.com - Utah Code Title 63N. Economic Opportunity Act § 63N-21-402. Annual audit - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63n-economic-opportunity-act/ut-code-sect-63n-21-402/

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