How SB 2396 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill requires a performance audit of the North Dakota development fund and appropriates funds for this audit.

• 10-30.5-08

  The board of directorsstate auditor's office may conduct an annual audit of the financial statements of the corporation pursuant to this section. → The board of directors or the state auditor's office may conduct an annual audit of the financial statements of the corporation pursuant to this section.

  Clarifies that either the board of directors or the state auditor's office can conduct the annual audit.

• 10-30.5-08

  If the state auditor's office does not conduct the audit, the state auditor's office shall contract with a certified public accounting firm to audit annually the financial statements of the corporation in accordance with generally accepted auditing standards. → If the state auditor's office does not conduct the audit, the state auditor's office shall contract with a certified public accounting firm to audit annually the financial statements of the corporation in accordance with generally accepted auditing standards. The cost of the audit must be borne by the corporation.

  Emphasizes the requirement for the cost of the audit to be borne by the corporation, which remains unchanged.

• 1. The state auditor's office shall contract with an independent third party for the completion of a performance audit of the North Dakota development fund for the period beginning July 1, 2019, and ending June 30, 2024.

  Requires the state auditor's office to contract for a performance audit of the North Dakota development fund.

• 2. The performance audit must address the economy, efficiency, and effectiveness of the North Dakota development fund by examining internal processes, controls, and results to identify areas for improvement and provide recommendations for corrective actions.

  Defines the scope and focus of the performance audit.

• 3. After the report is received under subsection 1, the state auditor's office shall present the report at the next meeting of the legislative audit and fiscal review committee.

  Establishes a requirement for the state auditor's office to present the audit findings to the legislative committee.

• Before September 30, 2026, the state auditor's office also shall present the report to the legislative management.

  Requires the state auditor's office to present the performance audit report to the legislative management.

• There is appropriated out of any moneys in the general fund in the state treasury, not otherwise appropriated, the sum of $250,000, or so much of the sum as may be necessary, to the state auditor's office for the purpose of contracting for a performance audit of the North Dakota development fund, for the biennium beginning July 1, 2025, and ending June 30, 2027.

  Provides an appropriation of $250,000 for conducting the performance audit.

• The appropriation provided in this section is considered a one-time funding item.

  Classifies the appropriation as one-time funding.