Nevada § 116B.585 - Audit and review of financial statements

§ 116B.585. Audit and review of financial statements

1. Except as otherwise provided in subsection 2, the executive board shall: (a) If the annual budget of the association is less than $75,000, cause the financial

statement of the association to be audited by an independent certified public accountant

at least once every 4 fiscal years. (b) If the annual budget of the association is $75,000 or more but less than $150,000,

cause the financial statement of the association to be: (1) Audited by an independent certified public accountant at least once every 4 fiscal

years; and (2) Reviewed by an independent certified public accountant every fiscal year for which

an audit is not conducted. (c) If the annual budget of the association is $150,000 or more, cause the financial

statement of the association to be audited by an independent certified public accountant

every fiscal year. 2. For any fiscal year for which an audit of the financial statement of the association

will not be conducted pursuant to subsection 1, the executive board shall cause the

financial statement for that fiscal year to be audited by an independent certified

public accountant if, within 180 days before the end of the fiscal year, 15 percent

of the total number of voting members of the association submit a written request

for such an audit. 3. The Commission shall adopt regulations prescribing the requirements for the auditing

or reviewing of financial statements of an association pursuant to this section. Such regulations must include, without limitation: (a) The qualifications necessary for a person to audit or review financial statements

of an association; and (b) The standards and format to be followed in auditing or reviewing financial statements

of an association.