RESUMEHB123 362 4776
RÉSUMÉ DIGEST
ACT 375 (HB 123) 2015 Regular Session Thibaut
Existing 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.
Existing law provides that local auditees, volunteer fire departments, and certain other
auditees that receive a specified threshold amount or less in any one fiscal year are not
required to have an audit but requires such an entity to file a certification with the legislative
auditor indicating that it received that amount or less and to annually file a sworn financial
statement with the legislative auditor.
Prior law specified that the threshold amount was $50,000. New law increases the threshold
amount to $75,000. Existing law authorizes the legislative auditor to require any such
auditee to have an audit of its books and accounts.
Existing law provides that local auditees and certain other auditees that receive more than
a specified threshold amount but less than $200,000 are required to conduct an annual
compilation of financial statements, with or without footnotes in accordance with the La.
Governmental Audit Guide.
Effective August 1, 2015.
(Amends R.S. 24:513(J)(1)(c)(intro. para.), (i)(aa) and (bb), (ii), and (v)(aa) and (3))
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