Section 63N-21-402 - Annual audit(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.Added by Chapter 38, 2023 General Session ,§ 7, eff. 5/3/2023, technically renumbered.