Section R14-2-1213. Guidelines for Auditing the AUSF

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A.      The AUSF records covering both collections and disburse- ments shall be audited at the end of the first year following the designation of a third party administrator. The AUSF records will then be audited at least once every other year in the subse- quent years of operations.

B.       The records shall be examined for accuracy and the existence of effective internal controls to ensure that the AUSF is being administered appropriately and properly.

C.      An independent external auditor selected by the Commission shall be utilized to provide an unbiased audit opinion concern- ing the AUSF administration procedures and controls.

D.      Any costs for conducting audits will be deducted from the rev- enues of the AUSF prior to disbursement of funds.

Historical Note

Adopted effective April 26, 1996, under an exemption as determined by the Arizona Corporation Commission (Supp. 96-2).

                    
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