- It is the duty of the governing board of every municipal corporation to have a thorough audit of the financial affairs of the corporation, including all receipts from every source and every expenditure or disbursement of the money of the corporation, made by a disinterested person skilled in such work, as often as every two (2) years.
- Each audit shall cover the period extending back to the date of the last preceding audit.
- The cost of each audit shall be paid out of the funds of the municipality, and a sufficient sum shall be appropriated by the board for that purpose.