The bill amends Section 67-450B of the Idaho Code to update the minimum audit requirements for local governmental entities, which include cities, counties, and various authorities and districts. Key changes include the stipulation that audits must be conducted by independent auditors following generally accepted governmental auditing standards, and that the governing body of each entity must budget for the necessary expenses related to these audits. Additionally, the bill mandates that entities file a copy of their completed audit report with the legislative services office within nine months after the audit period ends.

Significant adjustments to the financial thresholds for audit requirements are also included. The bill raises the threshold for mandatory annual audits from $250,000 to $300,000 in annual expenditures, and for biennial audits from $150,000 to $200,000. Entities with expenditures below $200,000 will have no minimum audit requirements. The bill declares an emergency, making it effective from July 1, 2025.

Statutes affected:
Bill Text: 67-450B