SB1408 amends the Governmental Account Audit Act to adjust the revenue threshold for audit requirements.
SB1408 modifies the Governmental Account Audit Act by raising the revenue threshold for governmental units subject to audit requirements. Specifically, governmental units with annual revenue below $1,500,000 can choose between a quadrennial audit or filing an annual financial report with the Comptroller. These units must also make copies of the report available to the public. The bill also mandates that financial reports be submitted electronically to the Comptroller, who must then post them online within 45 days.
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