(a) The legislative audit committee consists of:
(1) the lieutenant governor;
(2) the speaker of the house of representatives;
(3) the chairman of the senate finance committee;
(4) one member of the senate appointed by the lieutenant governor;
(5) the chairman of the house appropriations committee; and
(6) the chairman of the house ways and means committee.
(b) In the absence of the chairman of a house or senate committee, the vice-chairman of the respective committee shall act.
(c) Members of the committee serve without compensation but are entitled to actual and necessary expenses incurred in performing official duties.
(d) The committee shall employ necessary clerical assistants as allowed by legislative appropriation.
(e) The lieutenant governor and the speaker are joint chairs of the committee. The committee shall elect one member to serve as secretary.