MS HB1553

Removes the requirement that funds be specifically appropriated before universities, community/junior colleges, and state agencies must employ an internal audit director and staff.

Eliminates the condition that specific funds must be appropriated for implementation of the internal audit law before organizations must comply with its provisions.

Extends the compliance deadline for universities, community/junior colleges, and state agencies from July 1, 2005 to July 1, 2014.

Allows organizations to outsource internal audit functions if determined more cost-efficient, provided the firm or individual does not also perform independent audits or other consulting services for that organization.

Takes effect July 1, 2013.