SB 116 - HB 140
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 20, 2025
Fiscal Analyst: Justin Billingsley | Email: justin.billingsley@capitol.tn.gov | Phone: 615-741-2564
SB 116 - HB 140
SUMMARY OF BILL: Removes the requirement that the Comptroller of the Treasury
(COT) review and approve any audits and working papers prepared by independent public
accountants on behalf of the governing boards of the various human resource agencies (HRAs)
created pursuant to the Human Resource Agency Act of 1973, prior to payment being made to such
accountants for their work.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• Pursuant to Tenn. Code Ann. § 13-26-106(a), each governing board of an HRA must
prepare an annual report of its activities, including financial statements, through June 30 of
each year, and submit a copy of such report to the Governor, the General Assembly, and
the Commissioner of the Department of Finance and Administration.
• All such reports and related documents are subject to annual audit by the COT.
• An HRA, upon approval of the COT, may pay to have independent public accountants
perform the audits.
• The COT is required to review and approve audits and working papers of independent
public accountants prior to them being compensated for performance of any such audit.
The proposed legislation removes this requirement.
• The COT will still review HRA audits and audit working papers, as necessary, resulting in
no significant impact to the duties of the COT.
• This legislation will have no significant impact on state or local government.
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director