(A) The examination of the city’s financial reports and records shall be performed by an independent public accountant as soon as practicable after the close of each fiscal year but not later than February 1 immediately following the fiscal year being audited.
(B) The auditor shall be required to:
(1) Examine the balance sheets of all governmental, proprietary and fiduciary funds;
(2) Include in the annual audit an examination of local government economic assistance funds granted to the city under KRS 42.450 to 42.495. The auditor shall include a certification with the annual audit report that the funds were expended for the purposes intended;
(3) Conduct the audit in accordance with generally accepted governmental auditing standards and if the audit is to cover the use of state or federal funds, appropriate state or federal guidelines shall be used;
(4) Prepare a typed or printed report with his or her opinions and embodying the city’s financial statements;
(5) Express an opinion over whether the financial statements present fairly the financial condition of the city or his or her reason why they do not;
(6) Provide two additional copies of the audit to be sent to the Department for Local Government for information purposes; and
(7) The audit shall be published as required by KRS 91A.040 and in accordance with KRS Chapter 424.
(1992 Code, § 33.04)