(1) The duties of the Legislative Joint Auditing Committee shall be to provide for the auditing of any entity of the state or political subdivision of the state for the purpose of furnishing the General Assembly with information vital to the discharge of its constitutional duties.
(2) Immediately after its organization, the Legislative Joint Auditing Committee shall commence the performance of its duties herein prescribed.
(3) The Senate members of the Legislative Joint Auditing Committee shall select one (1) of their number as cochair and one (1) of their number as co-vice chair.
(4) The House members of the Legislative Joint Auditing Committee shall select one (1) of their number as cochair and one (1) of their number as co-vice chair.
(5) The Senate cochair shall appoint all Senate Legislative Joint Auditing Committee members to subcommittees of the Legislative Joint Auditing Committee, and the House cochair shall appoint all House Legislative Joint Auditing Committee members to subcommittees of the Legislative Joint Auditing Committee.
(6) The Senate cochair shall appoint a Senate Legislative Joint Auditing Committee member as cochair of each of the Legislative Joint Auditing Committee's subcommittees, and the House cochair shall appoint a House Legislative Joint Auditing Committee member as the cochair of each of the subcommittees of the Legislative Joint Auditing Committee.
(7) The Senate cochair and the House cochair shall alternate in presiding at meetings of the Legislative Joint Auditing Committee unless the cochairs otherwise agree.