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Page 9 of 37 <br />compliance audit of management controls on investments and adherence <br />to the entity's established investment policies. <br />(n) Except as provided by Subsection (o), at least once every <br />two years a state agency shall arrange for a compliance audit of <br />management controls on investments and adherence to the agency's <br />established investment policies. The compliance audit shall be <br />performed by the agency's internal auditor or by a private auditor <br />employed in the manner provided by Section 321.020. Not later than <br />January 1 of each even -numbered year a state agency shall report the <br />results of the most recent audit performed under this subsection to <br />the state auditor. Subject to a risk assessment and to the <br />legislative audit committee's approval of including a review by the <br />state auditor in the audit plan under Section 321.013, the state <br />auditor may review information provided under this section. if <br />review by the state auditor is approved by the legislative audit <br />committee, the state auditor may, based on its review, require a <br />state agency to also report to the state auditor other information <br />the state auditor determines necessary to assess compliance with laws <br />and policies applicable to state agency investments. A report under <br />this subsection shall be prepared in a manner the state auditor <br />prescribes. <br />(o) The audit requirements of Subsection (n) do not apply to <br />assets of a state agency that are invested by the comptroller under <br />Section 404.024. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; <br />Acts 1997, 75th Leg., ch. 685, Sec. 1, eff. Sept. 1, 1997; Acts <br />1997, 75th Leg., ch. 1421, Sec. 3, eff. Sept. 1, 1997; Acts 1999, <br />76th Leg., ch. 1454, Sec. 4, eff. Sept. 1, 1999; Acts 2003, 78th <br />Leg., ch. 785, Sec. 41, eff. Sept. 1, 2003. <br />Amended by: <br />Acts 2011, 82nd Leg., R.S., Ch. 1004 (H.B. 2226), Sec. 1, eff. <br />June 17, 2011. <br />Acts 2017, 85th Leg., R.S., Ch. 149 (H.B. 1701), Sec. 1, eff. <br />September 1, 2017. <br />Sec. 2256.006. STANDARD OF CARE. (a) Investments shall be <br />made with judgment and care, under prevailing circumstances, that a <br />4/18/2018 <br />