Yes. Separate Municipal Utilities are subject to the requirements for either audit or examination.
Note: For purposes of this FAQ, Municipal Utilities not included in the City's accounting and reporting structure are referred to as "separate Municipal Utilities." Separate Municipal Utilities are Municipal Utilities established under Chapter 388 of the Code of Iowa with a separate Board and not otherwise included in the City's accounting and reporting structure. Separate Municipal Utilities may have fiscal years ending June 30 or December 31.
Note: These new requirements apply to separate Municipal Utilities for the fiscal year ended June 30, 2013 or the calendar year ending December 31, 2013.