MI SB0662

Department of Treasury shall conduct or arrange for a forensic audit of a first class school district's contracts and agreements within 120 days of the bill's effective date, and at least once every 6 years thereafter.

Forensic audit is defined as an audit designed to determine whether there has been any violation of law or generally accepted governmental accounting practices.

If the Department of Treasury finds violations of law or accounting practices, it shall promptly take corrective action, including reporting any legal violations to appropriate law enforcement agencies for investigation and possible prosecution.