HB3463

Oklahoma HB3463 amends municipal audit requirements, allowing agreed-upon-procedures engagements for certain municipalities.

Oklahoma HB3463 modifies the annual audit requirements for cities and towns. It allows municipalities with a population under 2,500 and total revenue of $50,000 or more to undergo an agreed-upon-procedures engagement instead of a full audit. This engagement involves testing adherence to policies, reviewing bank statements, and verifying payroll and compensation. The Oklahoma Tax Commission will withhold funds if municipalities fail to file their audit or agreed-upon-procedures report. The act declares an emergency, allowing it to take effect immediately upon approval.