107.9. Any legal person receiving an annual subsidy from the municipality of at least $100,000 is required to have its financial statements audited.
The auditor of a legal person not referred to in paragraph 2 of section 107.7 that receives an annual subsidy from the municipality of at least $100,000 shall transmit to the chief auditor a copy of
(1) the annual financial statements of the legal person ;
(2) the auditor’s report on the statements ;
(3) any other report summarizing the auditor’s findings and recommendations to the board of directors or the officers of the legal person.
That auditor shall also, on the request of the chief auditor,
(1) place at the disposal of the chief auditor any document relating to the auditor’s audit and its results ;
(2) provide all information and explanations the chief auditor considers necessary concerning the auditor’s audit and its results.
Where the chief auditor considers that the information, explanations and documents provided by an auditor under the second paragraph are insufficient, the chief auditor may conduct such additional audit as he considers necessary.