GENERAL ASSEMBLY OF NORTH CAROLINA
1985 SESSION
CHAPTER 529
The General Assembly of North Carolina enacts:
Section 1. G.S. 104E-10.1 is amended by adding a second paragraph to read:
"Each permit applicant or permit holder (or any parent or subsidiary corporation if the permit applicant or permit holder is a corporation), as a condition of receiving or holding a permit, shall have an independent annual audit by a firm of duly licensed certified public accountants carrying a minimum of five million dollars ($5,000,000) professional liability insurance coverage, proof of which coverage shall be provided with the issuance of the audit report. Each permit applicant or permit holder referred to above shall also provide the Department of Human Resources with a copy of the report and shall submit a copy of the report to the State Auditor for approval regarding its adequacy and completeness. As a minimum, the required report shall include the financial statements prepared in accordance with generally accepted accounting principles, all disclosures in the public interest required by law, and the auditor's opinion and comments relating to the financial statements. The audit shall be performed in conformity with generally accepted auditing standards."
Sec. 2. This act is effective upon ratification and shall apply to permit applications pending on and after the date of ratification.
In the General Assembly read three times and ratified, this the 1st day of July, 1985.