OK SB2034

Transfers audit approval authority for public school district auditors from the State Board of Education to the State Auditor and Inspector.

Modifies auditor eligibility requirements to include at least two years of auditing public entities experience, eight clock hours of continuing education in school district accounting and auditing during the prior year, and Oklahoma Accountancy Board licensure in good standing.

Increases professional liability insurance requirements for auditing firms from $250,000 to $500,000 (or total budget being audited, whichever is less) beginning July 1, 2014.

Changes school district audit completion deadline from ten months to nine months after fiscal year end, with auditor opinions and financial statements to be submitted to both the State Board of Education and State Auditor and Inspector.

Makes school districts liable for costs of audits conducted by the State Auditor and Inspector when deficiencies are not corrected within specified timeframes.