MS SB2915

Authorizes the State Auditor to contract with independent specialists and firms to assist in performing audits of state and local governmental entities.

Requires audited entities to pay the actual costs of independent specialists or firms contracted by the State Auditor, paid through the State Auditor to the specialist or firm.

Amends audit cost provisions to specify that the $30.00 per man hour charge does not include independent specialist costs, which are paid separately by the audited entity.

Modifies the State Department of Audit duties to require a physical audit of actual inventory items and related records during regular audits of state agencies.

Allows accounting principles in addition to generally accepted accounting principles (GAAP) as promulgated by nationally recognized professional organizations.