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)]
CONFERENCE COMMITTEE REP ORT DIGEST
HB 123 2015 Regular Session Thibaut
Keyword and oneliner of the instrument as it left the House
AUDITS/AUDITING: Provides relative to the threshold for certain audit requirements
Report adopts Senate amendments to:
1. Change proposed threshold between being required to file certification and an annual
financial statement or being required to conduct an annual compilation of financial
statements, with or without footnotes, from more than $100,000 to more than $75,000 in
revenues and funds.
Report rejects Senate amendments which would have:
1. Provided for contracts by the Dept. of Revenue with any political subdivision, municipality,
agency, or other third party to secure auditing services, accounting services, or data analytic
services and the method of payment for those contracts.
Digest of the bill as proposed by the Conference Committee
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
$75,000 or less and otherwise retains 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 $75,000 but less than $200,000 and
otherwise retains present law.
(Amends R.S. 24:513(J)(1)(c)(intro. para.), (i)(aa) and (bb), (ii), and (v)(aa) and (3))