AL HB443

Establishes the Chestnut Accountability Municipal Audit Clarification Act requiring municipalities with annual expenditures of $300,000 or more to conduct annual audits of financial affairs by an independent public accountant.

Requires municipalities with annual expenditures between $100,000 and $300,000 to conduct biennial audits covering all fiscal years since the preceding audit.

Permits municipalities with annual expenditures below $100,000 to provide an annual report of agreed upon procedures established by the Department of Examiners of Public Accounts in lieu of a biennial audit.

Requires all audit reports to include cash reconciliation, bank balance confirmations, cash receipts and disbursements statements, state law compliance statements, and reports on sales tax on fuel collection and distribution.

Mandates that municipal audit reports be submitted to the Department of Examiners of Public Accounts and presented to city council at the first meeting after completion, with results spread upon council meeting minutes.