HB1045

Louisiana HB1045 raises the audit threshold for local auditees from $500,000 to $600,000 annually.

Louisiana HB1045 modifies the audit requirements for local auditees by increasing the financial threshold for annual audits from $500,000 to $600,000. Local auditees receiving $600,000 or more in revenues and other sources in any fiscal year must undergo an annual audit. Those receiving between $200,000 and $600,000 must have an annual review of their financial statements, with the option for an audit at the discretion of the legislative auditor. Auditees receiving $75,000 or less must file a certification with the legislative auditor.