Nevada § 218G.400 - Certain regulatory boards required to prepare balance sheets or have professional audit conducted; payment of cost of audit; audits by Legislative Auditor; remedies and penalties for violations

§ 218G.400. Certain regulatory boards required to prepare balance sheets or have professional audit conducted; payment of cost of audit; audits by Legislative Auditor; remedies and penalties for violations

1. Except as otherwise provided in subsection 2, each board created by the provisions

of NRS 590.485 and chapters 623 to 625A, inclusive, 628, 630 to 644A, inclusive, 648, 654 and 656

of NRS shall: (a) If the revenue of the board from all sources is less than $200,000 for any fiscal

year and, if the board is a regulatory body pursuant to NRS 622.060 , the board has submitted to the Director of the Legislative Counsel Bureau for each

quarter of that fiscal year the information required by NRS 622.100 , prepare a balance sheet for that fiscal year on the form provided by the Legislative

Auditor and file the balance sheet with the Legislative Auditor and the Chief of the

Budget Division of the Office of Finance on or before December 1 following the end

of that fiscal year. The Legislative Auditor shall prepare and make available a form that must be used

by a board to prepare such a balance sheet. (b) If the revenue of the board from all sources is $200,000 or more for any fiscal

year, or if the board is a regulatory body pursuant to NRS 622.060 and has failed to submit to the Director of the Legislative Counsel Bureau for each

quarter of that fiscal year the information required by NRS 622.100 , engage the services of a certified public accountant or public accountant, or firm

of either of such accountants, to audit all its fiscal records for that fiscal year

and file a report of the audit with the Legislative Auditor and the Chief of the Budget

Division of the Office of Finance on or before December 1 following the end of that

fiscal year. 2. In lieu of preparing a balance sheet or having an audit conducted for a single

fiscal year, a board may engage the services of a certified public accountant or public

accountant, or firm of either of such accountants, to audit all its fiscal records

for a period covering two successive fiscal years. If such an audit is conducted, the board shall file the report of the audit with

the Legislative Auditor and the Chief of the Budget Division of the Office of Finance

on or before December 1 following the end of the second fiscal year. 3. The cost of each audit conducted pursuant to subsection 1 or 2 must be paid by

the board that is audited. Each such audit must be conducted in accordance with generally accepted auditing

standards, and all financial statements must be prepared in accordance with generally

accepted principles of accounting for special revenue funds. 4. Whether or not a board is required to have its fiscal records audited pursuant

to subsection 1 or 2, the Legislative Auditor shall audit the fiscal records of any

such board whenever directed to do so by the Legislative Commission. When the Legislative Commission directs such an audit, the Legislative Commission

shall also determine who is to pay the cost of the audit. 5. A person who is a state officer or employee of a board is guilty of nonfeasance

if the person: (a) Is responsible for preparing a balance sheet or having an audit conducted pursuant

to this section or is responsible for preparing or maintaining the fiscal records

that are necessary to prepare a balance sheet or have an audit conducted pursuant

to this section; and (b) Knowingly fails to prepare the balance sheet or have the audit conducted pursuant

to this section or knowingly fails to prepare or maintain the fiscal records that

are necessary to prepare a balance sheet or have an audit conducted pursuant to this

section. 6. In addition to any other remedy or penalty, a person who is guilty of nonfeasance

pursuant to this section forfeits the person's state office or employment and may

not be appointed to a state office or position of state employment for a period of

2 years following the forfeiture. The provisions of this subsection do not apply to a state officer who may be removed

from office only by impeachment pursuant to Article 7 of the Nevada Constitution.