This bill amends Section 67-450B of the Idaho Code to update the minimum audit requirements for local governmental entities, which include cities, counties, authorities, and districts. Key changes include the requirement for audits to be performed by independent auditors in accordance with generally accepted governmental auditing standards, and mandates that the governing body of each entity must include necessary expenses for audits in their annual budget. Additionally, the bill stipulates that entities must file completed audit reports with the legislative services office within nine months after the audit period ends.

The bill also revises the thresholds for when audits are required. Specifically, it raises the minimum annual expenditure threshold for a full audit from $250,000 to $300,000, and for an annual or biennial audit from $150,000 to $200,000. If expenditures exceed these thresholds, the local governmental entity must complete an annual audit. Conversely, entities with annual expenditures below $200,000 will have no minimum audit requirements. The bill declares an emergency, making it effective on July 1, 2025.

Statutes affected:
Bill Text: 67-450B