Bill > HB244

This bill modifies Georgia law regarding annual audits for local governments, primarily by adjusting financial thresholds for audit requirements and introducing more flexibility. Specifically, it raises the expenditure threshold for mandatory annual audits from $550,000 to $2.5 million, while allowing local governments with expenditures of $2.5 million or less to use a "special purpose framework" prescribed by the state auditor, which includes reporting templates and an effective date for implementation. For local governments with expenditures of $1 million or less, the bill allows for an annual report of "agreed upon procedures" for up to four consecutive years, which includes specific checks like cash reconciliation and compliance review, but requires a full audit every fifth year. Importantly, the bill introduces provisions for local governments to request and receive due date extensions for audit filings from the state auditor under certain circumstances, particularly if unusual events cause expenditures to exceed thresholds or if public officers and employees fail to cooperate in providing necessary documentation for the audit. In cases where a county officer's failure to cooperate leads to a delayed audit, the bill allows the county to temporarily withhold 50 percent of that officer's compensation until the audit is completed. The bill also clarifies that public officers and employees are obligated to assist local governments in preparing these financial statements and audit reports.