This bill mandates that chartered public schools, school administrative units, and cities or school districts not audited under RSA 671:5 undergo an independent audit by a public accountant following the end of each fiscal year. The results of these audits must be made publicly available. The existing law, RSA 198:4-d, is repealed and reenacted to include new reporting requirements, such as the submission of financial reports in a searchable electronic format to the Department of Education. These reports will include certifications of appropriations, revised revenue estimates, and a summary of receipts and expenditures, among other details.

Additionally, the bill specifies that audit reports must include comprehensive financial information, such as balance sheets and payroll details, and must be submitted within nine months of the fiscal year-end. The Department of Education is tasked with verifying the completeness of these reports and may withhold state grant funding from non-compliant entities. The bill does not allocate new funding or positions but anticipates increased expenditures for the Department of Education to manage the new audit requirements, with estimated costs rising significantly in the following years. The act is set to take effect on July 1, 2026.