Texas § GV.855.107 - AUDIT

§ GV.855.107. AUDIT

AUDIT. (a) In this section: (1) "Audit" means an internal or independent external audit authorized or required by this section or initiated or commissioned by the board of trustees or a committee of the board of trustees. The term includes a financial audit, compliance audit, economy and efficiency audit, effectiveness audit, performance audit, security or risk audit, attestation, management-directed engagement, or investigation. (2) "Audit working paper" includes all information, documentary or otherwise, prepared or maintained in conducting an audit or preparing an audit report, including: (A) internal or external communications relating to the audit that are made or received in the course of the audit; (B) drafts of an audit report or portions of those drafts; (C) drafts of audit plans; and (D) records of risk assessments. (b) Annually, or more often, the board of trustees shall have the accounts of the retirement system audited by a certified public accountant. (c) In addition to the financial audit required by Subsection (b), the board of trustees may initiate or commission an audit or investigation of activities, functions, or operations of the retirement system as the board determines appropriate. (d) Audit working papers prepared, maintained, or assembled by the retirement system or an agent of the retirement system are not a record of the board of trustees for purposes of Section 855.112 , and are confidential and excepted from the disclosure requirements of Chapter 552 . (e) Unless made confidential under other law, an audit report, when received by the board of trustees in its final form, is public information not excepted from the requirements of Section 552.021 . Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.107 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by: Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337 ), Sec. 18, eff. January 1, 2020.