Section 305.2 - Powers of the Authority; Certification of Industrial Development Agencies(a) The Authority shall have the power to review and certify all applications for industrial development agencies. The standards for certification shall be developed by regulation.(b) Any agency that has been certified by the Authority shall be required to file an annual financial statement. After reviewing the financial statement, the Authority shall have the power to request an independent audit of the agency's records.1956, May 17, P.L. (1955) 1609, §5.2, added 1988 , July 13, P.L. 534, No. 95, § 4, effective 7/1/1988.