Section 11-66A-11 - Audited financial statements(a) A research and development corridor shall be required to produce audited financial statements from a certified public accountant, or a firm thereof, regularly engaged in the auditing of financial records, or an auditor who is regularly employed by the Department of Examiners of Public Accounts, for each fiscal year and, when available, deliver the audited financial statements to each public entity that financially supports the corridor, if the corridor: (i) receives any eligible funds; (ii) receives any funds, proceeds, or revenues from any public entity; or (iii) issues any financial obligation.(b) For purposes of this section, the person conducting an audit pursuant to subsection (a) must be a person who: (i) is in fact independent; (ii) does not have any direct financial interest or any material indirect financial interest in the corridor; and (iii) is not connected with the corridor or any officer, employee, promoter, underwriter, trustee, partner, director, or person performing similar functions.Ala. Code § 11-66A-11 (1975)
Added by Act 2024-308,§ 11, eff. 5/9/2024.