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§ 20-304. Audits

West's Annotated Code of MarylandInsuranceEffective: July 1, 2017

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 20. Maryland Automobile Insurance Fund (Refs & Annos)
Subtitle 3. Purpose and General Provisions of Fund (Refs & Annos)
Effective: July 1, 2017
MD Code, Insurance, § 20-304
§ 20-304. Audits
Fiscal compliance audit
(a)(1) An audit committee, composed of members of the Board of Trustees, shall require the Fund's internal auditor to conduct fiscal compliance and fiscal audits of the accounts and transactions of the Fund each year.
(2) A fiscal compliance audit shall:
(i) examine financial transactions and records and internal controls;
(ii) evaluate compliance with applicable laws and regulations; and
(iii) examine electronic data processing operations.
Fiscal audits by independent auditor
(b) If an independent auditor conducts a fiscal audit of the Fund, the audit committee shall direct the Fund's internal auditors not to duplicate the fiscal audit for the same period.


Added by Acts 2013, c. 73, § 1, eff. Oct. 1, 2013; Acts 2013, c. 74, § 1, eff. Oct. 1, 2013. Amended by Acts 2017, c. 509, § 2, eff. July 1, 2017.
MD Code, Insurance, § 20-304, MD INSURANCE § 20-304
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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