Senate Bill No. 1407 introduces several amendments to the auditing process conducted by the State Elections Enforcement Commission (SEEC). The bill mandates that the SEEC must complete audits of candidate committees within twelve months after receiving all necessary information, and it requires the commission to report to the Government Oversight Committee by January 1, 2026, and annually thereafter on any audits that were not completed within the specified timeframe, along with the reasons for such delays. Additionally, the bill stipulates that the SEEC must conduct a weighted lottery to select candidate committees for auditing, ensuring that this process is publicly noticed and open.

Furthermore, the bill modifies existing regulations regarding the timing of audits, prohibiting the SEEC from initiating audits during the two months leading up to an election unless there is a complaint involving a candidate's committee from a previous election. It also clarifies that the commission shall not audit caucuses and specifies that all candidate committees for statewide offices must be audited. The bill's effective date is set for July 1, 2025, and it includes a technical change for clarity in the language.