HB 2395 Summary

• Restructures audit requirements for state agencies to occur every two fiscal years instead of annually, except for agencies required by federal Single Audit Act which must be audited annually.

• Establishes new audit definitions (financial, operational, performance, special/investigative) and requires all audits to comply with Government Auditing Standards.

• Increases the filing fee for audits conducted by certified public accountants from $40 to $100 and raises the maximum balance in the State Auditor and Inspector Revolving Fund from $500,000 to $850,000.

• Modifies audit requirements for specific entities including the State Treasurer, Oklahoma Tax Commission, district attorneys, and Department of Corrections to clarify scope and frequency.

• Removes mandatory annual audit requirements from various boards and agencies (including Sheep and Wool Commission, Wheat Commission, Oklahoma Breeding Development Fund, and others), allowing them to comply with state financial reporting standards instead.