Okla. Stat. tit. 74, § 74-5062.19

G.A.O. auditing standards.

A. Within sixty (60) days after the end of each fiscal year,

the Oklahoma Development Finance Authority shall, in its annual

report, account for:

1. The manner in which the purpose as described in Section

5062.1 et seq. of this title has been carried out by the Oklahoma

Development Finance Authority;

2. A list of all bonds issued by the Authority and an itemized

list of costs of issuance and an evaluation of the extent to which

the purposes of the bond proceeds have been realized;

3. A list of all loans made by the Authority and a description

of projects financed;

4. Documentation and estimates of jobs created and jobs

preserved as a result of loans made by the Authority;

5. Estimates of the multiplier effects on the local and/or

statewide economy of loans made by the Authority;

6. An analysis by size, sector and location of the targeting of

loans by the Authority to agricultural enterprises, industrial

enterprises, and to the state and any of its political subdivisions;

7. A preliminary financial report showing the financial

condition of the Authority at the end of the fiscal year; provided,

an independent audit in accordance with generally accepted

accounting principles shall be undertaken by an accounting firm or

Oklahoma Statutes - Title 74. State Government Page 1133

individual holding a permit to practice public accounting in this

state and shall be submitted to the Governor, the Speaker of the

House of Representatives, the President Pro Tempore of the Senate,

Oklahoma Futures and the Office of the State Auditor and Inspector

in accordance with the requirements set forth for financial

statement audits in Section 212A of this title. The audit shall

include:

a. a statement of the aggregate dollar amount, if any, of

obligations which are backed by the Credit Enhancement

Reserve Fund and which are more than ninety (90) days

delinquent in their payments, and

b. a statement of payments made from the Credit

Enhancement Reserve Fund, and

c. a statement on the loss rate percentage derived by

dividing the outstanding principal balance of unpaid

obligations of the Credit Enhancement Reserve Fund by

the amount of payments made from the fund during the

fiscal year; and

8. Policy recommendations for programs which will enhance the

economic growth and development of the state.

B. All public accountants and certified public accountants, as

a condition of being approved by the Oklahoma Development Finance

Authority to perform the annual independent audit required pursuant

to this section, shall comply with the most recent "Governmental

Auditing Standards" of the Standards for Audit of Governmental

Organizations, Programs, Activities, and Functions, issued by the

United States General Accounting Office. A copy of the peer review

performed in accordance with the above standards shall be filed with

the Authority. Should the results of the peer review indicate that

material deficiencies exist in the audit work performed by the

reviewed auditing firm, the Oklahoma State Board of Public

Accountancy shall so notify the Authority, which shall immediately

remove the reviewed firm from any approved list of auditors

maintained by the Authority for a period of at least two (2) years

or until such time as the firm has demonstrated satisfactory

correction of the deficiencies reported in the peer review.