SECTION 1. Chapter 15A of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking out section 15C and inserting in place thereof the following section:-

"Section 15C. Each institution within the system of public higher education shall annually produce audited financial statements in accordance with generally accepted accounting principles, generally accepted auditing standards, and generally accepted governmental auditing standards. The statements shall be in accordance with procedures for timeliness and for disclosures as proscribed by the office of the state comptroller and approved by the state auditor. The statements shall include all expenditures and revenues from all appropriated and non-appropriated funds and be filed with the governor, office of state comptroller, the board of higher education, the house and senate committees on ways and means, and the joint committee on higher education no later than October 15 each year."