265.607  Local cultural sponsoring organization; annual postaudit.--Each local cultural sponsoring organization receiving an endowment pursuant to this act shall cause an annual postaudit of its financial accounts to be conducted by an independent certified public accountant in accordance with rules to be adopted by the department. The annual audit shall be submitted to the Auditor General and the department for review. The Auditor General and the department are each authorized to require and receive from the cultural organization, or from its independent auditor, any detail or supplemental data relative to the operation of such organization.