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Auditors, lawmakers split over SB 145 consolidation of federal single audits
Summary
Senate Finance heard extensive testimony on SB 145, which would restructure audit requirements by raising small-entity thresholds and creating a statewide federal single audit; auditors warned consolidation could reduce oversight and increase fraud risk; committee agreed to roll the bill for amendment work.
The Senate Finance Committee heard more than an hour of testimony on Senate Bill 145, a proposal that would streamline the state’s audit system by raising thresholds for certain audits and combining federal single audits into a consolidated statewide submission.
Proponents said the bill would reduce duplication, speed the state’s annual comprehensive financial report and free auditing capacity that could be used by local entities. The bill would raise the exemption threshold for reporting from $50,000 to $100,000, create a tier of agreed-upon procedures for entities with revenue between $100,000 and $1,000,000, and align the…
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