HB2016 Summary

• Amends 19 O.S. 2011, Section 171 to modify county audit requirements conducted by the State Auditor and Inspector every two years.

• Establishes two audit types: financial audits conducted per generally accepted auditing standards and Government Auditing Standards, and performance audits encompassing internal controls and compliance review based on individual risk assessment.

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

• Specifies audit reports must include financial statements, supplemental schedules, and comparison of adopted budgets to actual expenditures for all funds required by law to have an adopted budget.

• Effective date: November 1, 2015.