Full Text of SB1806 101st General Assembly
SB1806sam001 101ST GENERAL ASSEMBLY | Sen. Dale A. Righter Filed: 2/28/2019
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| 1 | | AMENDMENT TO SENATE BILL 1806
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1806 on page 3, by | 3 | | replacing lines 15 and 16 with the following: | 4 | | " "Generally accepted accounting principles" means | 5 | | accounting principles generally accepted in the United States. | 6 | | "Generally accepted auditing standards" means auditing | 7 | | standards generally accepted in the United States. "; and
| 8 | | by replacing line 13 on page 6 through line 8 on page 7 with the | 9 | | following:
| 10 | | "Sec. 5.
(a) Prior to fiscal year 2019, the audit report | 11 | | shall contain statements that conform with
generally accepted | 12 | | accounting principles or other comprehensive basis of | 13 | | accounting and that set forth the financial position and | 14 | | results of financial operations for
each fund of the | 15 | | governmental unit. Each audit report shall include only
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| 1 | | financial information, findings, and conclusions that are | 2 | | adequately
supported by evidence in the auditor's working | 3 | | papers to demonstrate or
prove, when called upon, the basis for | 4 | | the matters reported and their
correctness and reasonableness. | 5 | | In connection with this, each governmental
unit shall retain | 6 | | the right of inspection of the auditor's working papers
and | 7 | | shall make them available to the Comptroller, or his or her | 8 | | designee, upon
request. The audit report shall also include the
| 9 | | professional opinion of the auditor or auditors with respect to | 10 | | the
financial statements or, if an opinion cannot be expressed, | 11 | | a declaration
that he or she is unable to express such opinion | 12 | | and an explanation of the reasons
he or she cannot do so. Each | 13 | | audit report shall include the certification of
the auditor or | 14 | | auditors making the audit that the audit has been
performed in | 15 | | compliance with generally accepted auditing standards."; and
| 16 | | on page 11, immediately below line 10, by inserting the | 17 | | following:
| 18 | | " 7. "Generally accepted accounting principles" means | 19 | | accounting principles generally accepted in the United | 20 | | States.
| 21 | | 8. "Generally accepted auditing standards" means | 22 | | auditing standards generally accepted in the United | 23 | | States. "; and |
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| 1 | | by replacing line 21 on page 15 through line 14 on page 16 with | 2 | | the following:
| 3 | | "Sec. 6-31006. Audit report. | 4 | | (a) Prior to fiscal year 2019, the audit report shall | 5 | | contain
statements that are in conformity with generally | 6 | | accepted public accounting
principles or other comprehensive | 7 | | basis of accounting and shall set forth the financial position
| 8 | | and the results of financial operations for each fund, account, | 9 | | and office
of the county government. The audit report shall | 10 | | also include the
professional opinion of the auditor or | 11 | | auditors with respect to the
financial status and operations | 12 | | or, if an opinion cannot be expressed, a
declaration that such | 13 | | auditor is unable to express such opinion and an
explanation of | 14 | | the reasons he or she cannot do so. Each audit report shall
| 15 | | include the certification of the auditor or auditors making the | 16 | | audit
that the audit has been performed in compliance with | 17 | | generally accepted
auditing standards. Each audit report filed | 18 | | with the Comptroller shall be
accompanied by a copy of each | 19 | | official statement or other offering of
materials prepared in | 20 | | connection with the issuance of indebtedness of the
county | 21 | | since the filing of the last audit report."; and
| 22 | | on page 20, by replacing lines 23 and 24 with the following: | 23 | | " (9) "Generally accepted accounting principles" means |
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| 1 | | accounting principles generally accepted in the United | 2 | | States.
| 3 | | (10) "Generally accepted auditing standards" means | 4 | | auditing standards generally accepted in the United | 5 | | States. "; and
| 6 | | by replacing line 22 on page 27 through line 23 on page 28 with | 7 | | the following:
| 8 | | "Sec. 8-8-5.
(a) Prior to fiscal year 2019, the audit shall | 9 | | be made in accordance with generally accepted
auditing | 10 | | standards. Reporting on the financial position and results of
| 11 | | financial operations for each fund of the municipality shall be | 12 | | in
accordance with generally accepted accounting principles or | 13 | | other comprehensive basis of accounting. Each audit report | 14 | | shall include only financial information,
findings, and | 15 | | conclusions that are adequately supported by evidence in the
| 16 | | auditor's working papers to demonstrate or prove, when called | 17 | | upon, the
basis for the matters reported and their correctness | 18 | | and reasonableness.
In connection with this, each municipality | 19 | | shall retain the right of
inspection of the auditor's working | 20 | | papers and shall make them available to
the Comptroller, or his | 21 | | or her designee, upon request. The audit report shall
consist | 22 | | of the professional opinion of the auditor or auditors with
| 23 | | respect to the financial statements or, if an opinion cannot be | 24 | | expressed,
a declaration that the auditor is unable to express |
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| 1 | | such opinion and an
explanation of the reasons he or she cannot | 2 | | do so. Municipal authorities shall not
impose limitations on | 3 | | the scope of the audit to the extent that the effect
of such | 4 | | limitations will result in the qualification of the opinion of | 5 | | the auditor or auditors. Each audit report filed with the | 6 | | Comptroller
shall be accompanied by a copy of each official | 7 | | statement or other offering
of materials prepared in connection | 8 | | with the issuance of indebtedness of
the municipality since the | 9 | | filing of the last audit report.".
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