(a) Not less frequently than once every two years, the State Auditor shall establish a state high risk list consisting of state agencies, including particular programs or mission areas within state agencies, and statewide issues that the State Auditor determines to be at high risk for waste, fraud, abuse, or mismanagement or for major challenges associated with their economy, efficiency, or effectiveness.

(b) The purpose of every state high risk list established under subdivision (a) of this section shall be to focus attention on state programs, state operations, and statewide issues that are in urgent need of attention and transformation because of their greater vulnerabilities to fraud, waste, abuse, and mismanagement and to bring improvements that will help ensure state government functions more economically, efficiently, and effectively.

(c) It shall be the objective of the State Auditor, after placing a state agency or statewide issue on a state high risk list, to promote sufficient improvement in the operation and functioning of the agency or the State's response to the issue that the agency or issue no longer will be considered at high risk for waste, fraud, abuse, or mismanagement or for major challenges associated with its economy, efficiency, or effectiveness.