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<br />(1) received and reviewed the investment policy of the <br />entity; and <br />(2) acknowledged that the business organization has <br />implemented reasonable procedures and controls in an effort to <br />preclude investment transactions conducted between the entity and <br />the organization that are not authorized by the entity's investment <br /> <br />policy, except to the extent that this authorization is dependent <br /> <br />on an analysis of the makeup of the entity's entire portfolio or <br /> <br />requires an interpretation of subjective investment standards. <br /> <br />(1) The investment officer of an entity may not acquire or <br /> <br />otherwise obtain any authorized investment described in the <br /> <br />investment policy of the investing entity from a person who has not <br /> <br />delivered to the entity the instrument required by Subsection (k). <br />(m) An investing entity other than a state agency, in <br />conjunction with its annual financial audit, shall perform a <br />compliance audit of management controls on investments and <br /> <br />adherence to the entity's established investment policies. <br /> <br />(n) Except as provided by Subsection (0), at least once every <br /> <br />two years a state agency shall arrange for a compliance audit of <br /> <br />management controls on investments and adherence to the agency's <br /> <br />established investment policies. The compliance audit shall be <br /> <br />performed by the agency's internal auditor or by a private auditor <br /> <br />employed in the manner provided by Section 321.020. Not later than <br /> <br />January 1 of each even-numbered year a state agency shall report <br /> <br />Page -12 - <br />