IA HF2464

Requires certified public accountants and governmental subdivisions to cooperate with the Iowa State Auditor when suspected embezzlement, theft, or significant financial irregularities involving public funds are reported.

Grants the State Auditor authority to determine whether to conduct further investigative procedures after receiving notification of suspected misuse of public funds.

Mandates governmental subdivisions reimburse the State Auditor for all investigation costs, with reimbursement capped at the amount of public funds determined to have been misused.

Applies to cities, counties, county and memorial hospitals, community colleges, area education agencies, school districts, and entities organized under Code chapter 28E (intergovernmental agreements).