CO SB024

Increases the audit exemption threshold for local governments with fiscal years beginning on or after January 1, 2015, from $500,000 to $750,000 in revenues or expenditures, with state auditor approval.

Maintains the existing $100,000 to $500,000 exemption threshold for local governments with fiscal years between January 1, 2004 and December 31, 2014.

Replaces the term "unqualified opinion" with "unmodified opinion" in audit report requirements to align with current audit standards.

Replaces the term "qualified opinion" with "modified opinion" in audit report requirements to align with current audit standards.

Becomes effective August 5, 2015, or following voter approval in November 2016 if a referendum petition is filed.