HB 5592 mandates state auditing of institutions of higher education to ensure compliance with restrictions on the use of funds appropriated by the Legislature. The State Auditor must conduct periodic audits to verify that state funds are spent in accordance with the law. Each institution will be audited at least once every four years. If an audit reveals improper spending, the institution must correct the violation within 180 days, or it will become ineligible for formula funding increases, institutional enhancements, or exceptional items in the next state fiscal biennium​.