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Colorado Statutes
Colorado statutes that grant authority for the Division and its audit
activities include:
CRS 43-1-106
CRS 43-1-106 (8)
CRS 43-1-106 (12)
CRS 24-103-601
CRS 43-1-106. Transportation commission - powers and duties.
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CRS 43-1-106 (8) In addition to all other powers and duties imposed upon it by law, the commission has the following powers and duties:
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(o) To require the internal auditor to perform such audits and furnish such other information or assistance as is set forth in subsection (12) of this section;
... CRS 43-1-106 (12)
(a) Subject to the provisions of section 13 of Article XII of the state constitution, the executive director of the department shall appoint an internal auditor, who shall have the status of a division director and shall have the authority to appoint such personnel as may be necessary for the efficient operation of his office. The executive director shall give presumptive consideration to the recommendations of the commission prior to appointing the internal auditor.
(b) The internal auditor shall conduct and supervise:
(I) Internal audits on the department;(c) The commission shall establish an audit review committee from the commission membership which shall oversee the operations of the internal auditor and his staff.
(II) External audits on persons entering into contracts with the department, as deemed necessary or advisable by the commission;
(III) Such federally required audits as are delegated to the commission or the department to perform;
(IV) Financial audits in order to ensure the financial integrity of the department; and
(V) Performance audits to determine the efficiency and effectiveness of the operations of the department.
(d) The executive director may direct the internal auditor to conduct such other audits as the executive director may deem necessary.
(e) It is the intent of the general assembly to shift reporting of, supervision of, and control of the department's internal auditor to the commission.
CRS 24-103-601
(1) The state may, at reasonable times and places, audit the books and records of any person who has submitted cost or pricing data pursuant to section 24-103-403 to the extent that such books and records relate to such cost or pricing data. Any person who receives a contract, change order, or contract modification for which cost or pricing data is required shall maintain such books and records relating to such cost or pricing data for three years after the date of final payment under the contract, unless a shorter period is otherwise authorized in writing.
(2) The state shall be entitled to audit the books and records of a contractor or any subcontractor under any negotiated contract or subcontract other than a firm fixed-price contract to the extent that such books and records relate to the performance of such contract or subcontract. Such books and records shall be maintained by the contractor for a period of three years after the date of final payment under the prime contract and by the subcontractor for a period of three years after the date of final payment under the subcontract, unless a shorter period is otherwise authorized in writing.
