Michigan § 388.1822.amended - Annual independent audit.

Each community college shall have an annual audit of all income and expenditures performed by an independent auditor and shall furnish the independent auditor's management letter and an annual audited accounting of all general and current funds income and expenditures including audits of college foundations to the center before November 15 of each year. The center shall provide this information to the standard report recipients, the auditor general, the department of labor and economic opportunity, and the department of lifelong education, advancement, and potential. If a community college fails to furnish the audit materials, the monthly state operations installments must be withheld from that college until the information is submitted. All reporting must conform to the requirements set forth in the "2001 Manual for Uniform Financial Reporting, Michigan Public Community Colleges". A community college shall make the information the community college is required to provide under this section available to the public on its website.