This bill amends section 10-30.5-08 of the North Dakota Century Code to update the process for conducting annual audits of the North Dakota development fund. The bill removes the requirement for the board of directors to conduct the audit and instead allows the state auditor's office to either conduct the audit of the corporation's financial statements or contract with a certified public accounting firm to do so. The costs associated with the audit will be covered by the corporation.

Additionally, the bill mandates a performance audit of the North Dakota development fund, which will be conducted by an independent third party for the period from July 1, 2019, to June 30, 2024. The state auditor's office is required to present the findings of this audit to the legislative audit and fiscal review committee and the legislative management by September 30, 2026. To facilitate this performance audit, the bill appropriates $250,000 from the general fund for the state auditor's office for the biennium beginning July 1, 2025, and ending June 30, 2027, marking this as a one-time funding item.

Statutes affected:
Adopted by the Conference Committee: 10-30.5-08
Enrollment: 10-30.5-08