(1) Each calendar year, an audit of the activities of the Utah innovation fund shall be conducted by:
(a) the state auditor; or
(b) the state auditor's designee.
(2) A designee described in Subsection (1)(b) may not have a business, contractual, or other connection to the institute or the Utah innovation fund.
(3) The annual audit shall:
(a) include a valuation of the assets owned by the Utah innovation fund as of the end of the reporting year, using market-standard techniques for assets typically held by early stage private investment and venture capital funds;
(b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 53H-16-406; and
(c) on or before September 1, be delivered to:
(i) the institute; and
(ii) the state treasurer.
(4) The institute shall pay the costs associated with the annual audit.