MS HB927

Allows State Auditor to identify and use accounting principles from nationally recognized professional organizations in addition to generally accepted accounting principles (GAAP).

Requires audited entities to pay the actual cost of any independent specialist or firm contracted by the State Auditor to assist in audits, in addition to the standard $30 per man hour fee.

Removes the requirement that the State Auditor's office reconcile all invoices and records with state agencies' property inventories during regular audits.

Removes the reporting requirement for the State Auditor to report the general status of inventories to agencies upon completion of audits.

All amendments to Sections 7-7-211, 7-7-213, and 29-9-13 are set to expire on July 1, 2015.