House Bill No. by Representative Lacombe amends the existing law regarding the audit thresholds for local auditees in Louisiana. The bill modifies R.S. 24:513(J)(1)(c)(iii) and (iv) by increasing the threshold for annual audits from $500,000 to $600,000 for local auditees that receive revenues and other sources in a fiscal year. Additionally, it stipulates that any local auditee receiving between $200,000 and $600,000 must conduct an annual review of its financial statements, accompanied by an attestation report, while the legislative auditor retains the discretion to require a full audit.

Furthermore, the bill introduces a new provision under R.S. 24:513(J)(1)(c)(v) that mandates an annual adjustment of the audit threshold amount based on the unadjusted Consumer Price Index (CPI) published by the U.S. Department of Labor. Starting July 1, 2027, and each subsequent July 1, if there is an increase in the CPI, the audit threshold will be adjusted accordingly, ensuring that the threshold remains relevant to inflation. This change aims to enhance the financial oversight of local auditees while adapting to economic conditions.

Statutes affected:
HB1045 Original: 24:513(J)(1)