Mississippi HB1515 allows small municipalities to prepare a compilation report instead of an annual audit if the audit would be financially.
Mississippi HB1515 amends Section 21-35-31 of the Mississippi Code to allow municipalities with a population of 3,000 or less to prepare an annual compilation report and compliance letter instead of undergoing an annual audit. This change is made when the audit would cause a financial hardship for the municipality. The preparation of the report and letter will be funded by the state. The State Auditor will determine if the municipality has complied with the requirements and will issue a certificate of noncompliance if the municipality does not substantially comply within 30 days.
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