The bill amends the Local Fiscal Management Responsibility Act to enhance the investigative powers of the Legislative Joint Auditing Committee. It allows the Committee to refer investigations not only to the appropriate prosecuting attorney but also to the Attorney General's Office. The bill introduces new requirements for timely reporting, mandating that both the prosecuting attorney and the Attorney General's Office provide status reports on investigations to the Legislative Joint Auditing Committee within forty-five days of referral.

Additionally, the bill establishes a new offense of noncompliance for prosecuting attorneys who fail to conduct required investigations after being informed of relevant facts. This amendment aims to ensure accountability and prompt action in cases of fiscal responsibility violations, thereby strengthening the oversight mechanisms within local fiscal management.