Tennessee HB0057 amends audit requirements for municipalities, imposing penalties for late submissions.

Tennessee HB0057 modifies audit regulations for municipalities, stipulating that all annual audits must be completed and submitted to the comptroller of the treasury within six months after the fiscal year's end. The preparer must provide copies to the mayor, chief executive officer, each governing body member, and the comptroller. These audits must also be accessible to the public. Municipalities with two or more late audits face a penalty where their sales tax revenue is reduced by an agreed amount, not exceeding 15% of the total due, until compliance is achieved.

Tennessee HB0057 amends audit requirements for municipalities, imposing penalties for late submissions.

Tennessee HB0057 modifies audit regulations for municipalities, stipulating that all annual audits must be completed and submitted to the comptroller of the treasury within six months after the fiscal year's end. The preparer must provide copies to the mayor, chief executive officer, each governing body member, and the comptroller. These audits must also be accessible to the public. Municipalities with two or more late audits face a penalty where their sales tax revenue is reduced by an agreed amount, not exceeding 15% of the total due, until compliance is achieved.