OK SB130

Amends county audit requirements to distinguish between financial audits (conducted per generally accepted auditing standards) and performance audits (including internal controls and compliance assessment).

State Auditor and Inspector determines which type of audit to perform; counties may elect to prepare financial statements under Generally Accepted Accounting Principles or regulatory basis accounting.

Financial statements must present fund-basis format with general fund and any funds representing 10% or greater of total county revenue, including statement of revenues/expenditures and notes.

Clarifies that the County Budget Act purpose includes fostering cooperation among elected officials and makes accounting principle improvements optional rather than mandatory for counties.

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