NC S304

Principal state departments and offices must undergo annual financial audits, while other state agencies must undergo biennial financial audits.

Nonprofit corporations receiving state, county, or municipal funds must undergo quadrennial (every 4 years) financial audits if they have annual revenues of $1,000,000 or greater, or financial reviews if they have revenues of $999,999 or less.

Nonprofits are responsible for selecting their auditor and paying for audit costs, with exceptions for those already completing federally-required audits or audits performed in the ordinary course of business.

Units of local government and public authorities must submit completed audits to the State Auditor, General Assembly, and Governor as public records.

The State Auditor may contract with independent certified public accountants to perform required audits, with contracts limited to 10 years maximum and auditors limited to 10 consecutive audits of the same entity.