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MI HB5553
Bill
Status
7/18/2012
Primary Sponsor
Cindy Denby
Click for details
AI Summary
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Changes state audit requirements from biennial to annual statewide single audits beginning October 1, 2011 for compliance with federal audit standards (31 USC 7501 to 7507)
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Shifts audit funding methodology from individual federal grants to an allocation system determined by the director based on federal compliance requirements, effective October 1, 2011
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Requires chief executive officers of principal departments to encumber sufficient federal grant amounts to finance audit costs, with ability to carry over unexpended funds to subsequent years
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Directs the director to issue procedures and timelines for compiling federal expenditure schedules in consultation with the auditor general, and to submit schedules to the auditor general and fiscal agencies
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Takes effect immediately upon enactment on June 29, 2012
Legislative Description
State financing and management; budget; statewide single audit; implement. Amends sec. 461 of 1984 PA 431 (MCL 18.1461).
State financing and management, budget
Last Action
Assigned Pa 233'12 With Immediate Effect
7/18/2012