[§23-3.6]  Audit revolving fund.  (a) There is established the audit revolving fund to be administered by the officeof the auditor, into which shall be deposited:

(1)  Reimbursement moneys received by any department,office, or agency of the State and its political subdivisions for financialaudits;

(2)  Moneys received by the auditor from anydepartment, office, or agency of the State and its political subdivisions foraudit costs payable by special funds, revolving funds, capital improvementfunds, or trust funds;

(3)  Legislative appropriations; and

(4)  All interest and investment earnings credited tothe assets of the fund.

(b)  Moneys in the audit revolving fund shallbe expended by the auditor to conduct audits of the State's departments,offices, agencies, and political subdivisions, audits of special, revolving,capital improvement, or trust funds, and for the services of certified publicaccountants contracted to conduct such audits. [L Sp 2003, c 4, pt of §1]