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 perform the audit of the corporation's financial statements. If the state auditor's office does not conduct the audit, it must contract with a certified public accounting firm to ensure compliance with generally accepted auditing standards, with the costs covered by the corporation.

Additionally, the bill mandates a performance audit of the North Dakota development fund, covering the period from July 1, 2019, to June 30, 2024, to be conducted by an independent third party contracted by the state auditor's office. The audit will assess the fund's economy, efficiency, and effectiveness, and the final report is due by August 1, 2026. The state auditor's office is required to present the findings to the legislative audit and fiscal review committee and the legislative management. Furthermore, the bill appropriates $250,000 from the general fund for the performance audit, designated as one-time funding for the biennium beginning July 1, 2025, and ending June 30, 2027.

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