IN SB0507

Expands the State Board of Accounts' authority to set internal control standards and procedures from only counties, cities, towns, and townships to all local government entities required to submit financial reports to the board

Adds municipalities and any other local governmental units, entities, or instrumentalities that must submit financial reports under IC 5-11-1-4 to the definition of "local government" subject to oversight

Requires all erroneous or irregular variances, losses, shortages, or thefts of local government funds or property to be reported immediately to the State Board of Accounts

Mandates the State Board of Accounts to determine amounts involved in irregularities, identify internal control weaknesses, and make written recommendations for corrective action

Effective date of July 1, 2013