Md. Code, Ins. § 20-304

Current with changes from the 2024 legislative session from Chs. 2 through 1049, effective on or before 6/1/2024

Section 20-304 - Audits

(a)

(1) An audit committee, composed of members of the Board of Trustees, shall require the Fund's internal auditor to conduct fiscal compliance and fiscal audits of the accounts and transactions of the Fund each year.

(2) A fiscal compliance audit shall:

(i) examine financial transactions and records and internal controls;

(ii) evaluate compliance with applicable laws and regulations; and

(iii) examine electronic data processing operations.

(b) If an independent auditor conducts a fiscal audit of the Fund, the audit committee shall direct the Fund's internal auditors not to duplicate the fiscal audit for the same period.

Md. Code, IN § 20-304

Amended by 2017 Md. Laws, Ch. 509,Sec. 2, eff. 7/1/2017.

Amended by 2013 Md. Laws, Ch. 74,Sec. 1, eff. 10/1/2013.sw

Amended by 2013 Md. Laws, Ch. 73,Sec. 1, eff. 10/1/2013.