KY HB520

Raises audit threshold for special purpose governmental entities from $100,000 to $500,000 for attestation engagements, and from $500,000 to $1,000,000 for independent audits required every four years

Allows entities with $1,000,000+ in annual receipts/expenditures to reduce audit frequency from annual to every four years after receiving two consecutive unqualified audit opinions

Requires county clerk audits to include motor vehicle registration fees, motor vehicle usage tax, and ad valorem tax on motor vehicles and motorboats, with copies sent to the Department of Revenue and Kentucky Transportation Cabinet

Shifts cost of auditing county clerk motor vehicle and motorboat receipts to the Kentucky Transportation Cabinet

Changes outgoing county official settlement deadline from March 15 to within 60 days of term expiration or vacancy, and requires excess fees be transferred to successors for official use