(a)      (1)      The accounts of the Corporation shall be audited annually. These audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants.

            (2)      The audits shall be conducted at the place or places where the accounts of the Corporation are normally kept. All books, accounts, financial records, reports, files, and other papers or property belonging to or in use by the Corporation and necessary to facilitate the audits shall be made available to the person or persons conducting the audits. Full facilities for verifying transactions with the balances and securities held by depositories, fiscal agents, and custodians shall be available to the auditors.

            (3)      The report of the annual audit shall be filed with the Governor, the Department of Budget and Management and, subject to § 2-1246 of the State Government Article, the General Assembly and shall be available for public inspection during business hours at the principal office of the Corporation.

      (b)      (1)      In addition to the annual audit required by subsection (a), the financial transactions of the Corporation for any fiscal year during which State funds are available to finance any portion of its operations may be audited by the Legislative Auditor.

            (2)      This audit shall be conducted at the place or places where the accounts of the Corporation are normally kept. The Legislative Auditor shall have access to all books, accounts, financial records, reports, files, and other papers or property belonging to or in use by the Corporation and necessary to facilitate the audit. Full facilities for verifying transactions with the balances and securities held by depositories, fiscal agents, and custodians shall be available to the Auditor. All books, accounts, financial records, reports, files, and other papers or property of the Corporation shall remain in the possession and custody of the Corporation for a period of 3 years, but the Legislative Auditor may require a longer period of retention.

            (3)      The legislative audit shall be filed with the General Assembly and the Governor, together with recommendations if advisable.

      (c)      (1)      For each grantee, the Corporation shall annually require:

                  (i)      A financial audit by an independent certified public accountant if the grantee's grant income in the most recently completed fiscal year was $50,000 or more; or

                  (ii)      A financial review by an independent certified public accountant if the grantee's grant income in the most recently completed fiscal year was less than $50,000.

            (2)      The report of each audit or review shall be:

                  (i)      Filed with the Governor;

                  (ii)      Available to the Legislative Auditor; and

                  (iii)      Maintained for a period of at least 5 years at the principal office of the Corporation.