OK SB130

Amends county audit requirements to define audits as either financial or performance audits, with the State Auditor and Inspector determining which type to conduct.

Requires financial statements to be presented on a fund-basis format showing the general fund and any other funds representing 10% or greater of total county revenue, with all other funds presented in aggregate.

Specifies that financial audit reports must include statements of revenues/expenditures and changes in cash balances, notes to financial statements, combining schedules by fund, budget-to-actual comparisons, and notes to budget schedules.

Clarifies the purpose of the County Budget Act to establish uniform fiscal procedures, enable financial planning, provide public disclosure of county financial conditions, and optionally assist counties in implementing generally accepted accounting principles.

Effective date July 1, 2011, with emergency clause for immediate implementation.