(1) The State Treasurer shall cause an accurate account of all of the program’s, trust’s, and State Treasurer’s activities, operations, receipts, and expenditures to be maintained. Each year, a full audit of the books and accounts of the State Treasurer pertaining to those activities, operations, receipts and expenditures, personnel, services, or facilities shall be conducted by a certified public accountant and shall include, but not be limited to, direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not state employees for the administration of the program. For the purposes of the audit, the auditors shall have access to the properties and records of the program and may prescribe methods of accounting and the rendering of periodic reports in relation to projects undertaken by the program.
(2) By August 1 of each year, the State Treasurer shall submit to the Governor, the State Treasurer, and the appropriate committees of the Senate and House an audited financial report, prepared in accordance with generally accepted accounting principles, detailing the activities, operations, receipts, and expenditures of the program during the preceding calendar year. The report shall also include projected activities of the program for the current calendar year.
(3) The State Treasurer shall prepare an annual report on the operation of the program to be available to all citizens and provided to appropriate state officials.