KY SB192

Cities receiving and expending less than $15,000,000 annually may use cash, modified accrual, or budgetary basis accounting instead of generally accepted governmental accounting principles

Beginning July 1, 2027, cities receiving/expending less than $15,000,000 may elect to complete an agreed-upon procedures engagement instead of a full audit, conducted by the Auditor of Public Accounts or a certified public accountant

Cities with population of 3,000 or less may audit every other fiscal year instead of annually, submitting only a financial statement in non-audit years by October 1

Cities exempt from audits for more than four consecutive fiscal years must complete an agreed-upon procedures engagement covering the fifth year (changed from attestation engagement covering the fourth year)

Cities two or more fiscal years behind on reporting requirements may apply to complete a single agreed-upon procedures engagement to restore compliance for all delinquent years