The Office of the Inspector General in the Department shall conduct or contract for a financial and compliance audit of each local department at an interval of 4 years unless the Office of the Inspector General determines, on a case–by–case basis, that an audit occur at an interval of 3 years. In determining the audit interval for a local department, the Office of the Inspector General shall take into consideration: the materiality and risk profile of the local department’s programs and fiscal activities; the nature and extent of prior audit findings of the local department; and any other factor related to risk. The audit shall comply with the auditing standards issued by the Institute of Internal Auditors. A written report of the audit findings shall be prepared and distributed to: the local board; and the local governing authority.