An Act To Modify the Auditing Requirements for Certain Small Water Utilities
Sec. 1. 35-A MRSA §505, as enacted by PL 1987, c. 141, Pt. A, §6, is amended to read:
§ 505. Audit of accounts
The commission shall provide for the examination and audit of all accounts and all items shall must be allocated to the accounts in the manner prescribed by the commission.
(1) Shall cause to be conducted, in accordance with generally accepted auditing standards, an annual review of its accounts by an independent certified public accountant licensed to practice in the State; and
(2) Not less than once every 5 years and for any year used as a test year for rate-making purposes, shall cause to be conducted, in accordance with generally accepted auditing standards, an audit of its accounts by an independent certified public accountant licensed to practice in the State.
Nothing in this subsection limits or affects any other reporting, review, auditing or other requirement imposed by a creditor of the qualified small water utility or by any other applicable law or government authority.