§ 17-359. Audit relating to Petroleum Storage Tank Indemnity Fund.

A.  By December 1, 1998, and every year thereafter, the State Auditor and Inspector shall conduct an independent audit of the books, records, files and other such documents of the Corporation Commission pertaining to and which relate to the administration of the Petroleum Storage Tank Indemnity Fund.  The audit shall include but shall not be limited to a review of agency compliance with state statutes regarding the Indemnity Fund, internal control procedures, adequacy of claim process expenditures from and debits of the Indemnity Fund regarding administration, personnel, operating and other expenses charged by the Corporation Commission; the duties performed in detail by agency personnel and Indemnity Fund personnel for which payment is made from the Indemnity Fund, and recommendations for improving claim processing, equipment needed for claim processing, internal control or structure for administering the Indemnity Fund; and such other areas deemed necessary by the State Auditor and Inspector.

B.  The cost of the audit shall be borne by the Indemnity Fund.

C.  Copies of the audit shall be submitted to the State Auditor and Inspector, the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the Senate and the Chairs of the Appropriation Committees of both the Oklahoma House of Representatives and the State Senate.

Added by Laws 1992, c. 406, § 11, emerg. eff. June 11, 1992.  Amended by Laws 1993, c. 344, § 24, emerg. eff. June 9, 1993; Laws 1998, c. 375, § 34, emerg. eff. June 9, 1998; Laws 2005, c. 435, § 24, eff. Nov. 1, 2005.