DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 123 Original 2015 Regular Session Thibaut
Abstract: For local auditees and certain other auditees, changes the threshold between being
required to file certification and an annual financial statement with the legislative auditor or
being required to conduct an annual compilation of financial statements, with or without
footnotes, from more than $50,000 to more than $100,000 in revenues and funds.
Present law provides for the legislative auditor to compile financial statements and to examine, audit,
or review the books of the state treasurer, all public boards, commissions, agencies, departments,
political subdivisions of the state, public officials and employees, designated public retirement
systems, municipalities, and all other public or quasi public agencies or bodies. For certain entities,
authorizes filing of audits or other reports prepared by a licensed CPA or a specified certified
statement. Also requires auditees to file sworn annual financial statements.
Present law requires that any local auditee or volunteer fire department and certain other auditees
that receive $50,000 or less in any one fiscal year shall not be required to have an audit, but the
auditee must file a certification with the legislative auditor indicating that it received $50,000 or less
in funds for the fiscal year, further provides that the auditee shall annually file with the legislative
auditor sworn financial statements. Provides that the legislative auditor, at his discretion, may
require the auditee to have an audit of its books and accounts. Proposed law changes the amount to
$100,000 or less and otherwise maintains present law.
Present law requires any local auditee and certain other auditees that receive more than $50,000 in
any one fiscal year, but less than $200,000, to conduct an annual compilation of financial
statements, with or without footnotes in accordance with the La. Governmental Audit Guide.
Provides that the legislative auditor, at his discretion, may require the auditee to have an audit of its
books and accounts. Proposed law changes the amount to more than $100,000 but less than
$200,000 and otherwise maintains present law.
(Amends R.S. 24:513(J)(1)(c)(intro. para.) and (i)(aa) and (bb), (ii), and (v)(aa) and (3))