MS HB711

Authorizes the State Auditor to audit projects and entities receiving funds from the federal RESTORE Act of 2012 (in addition to existing authority over American Recovery and Reinvestment Act funds) and recover reasonable audit costs from those entities.

Removes the $30.00 per man-hour limit on audit charges, replacing it with "actual cost" billing for audits of county governments, school districts, and other local entities, effective October 1, 2014.

Authorizes the State Auditor to conduct audits of state-funded economic development projects under Title 57 and bill the oversight agency for reasonable, actual, and necessary audit expenses.

Adds a 3% administrative cost recovery charge on independent specialist or firm fees contracted by the State Auditor for audits and other specialist services.

Grants the State Auditor discretionary authority to audit financial affairs of state agencies as deemed necessary, and allows the auditor to gather data from the Mississippi Development Authority, Department of Revenue, recipient businesses, and other relevant entities for economic development audits.