Oklahoma § 60-180.1 - Annual audits

§ 60-180.1. Annual audits

A. The trustees of every trust created for the benefit and

furtherance of any public function with the State of Oklahoma or any

county or municipality as the beneficiary or beneficiaries thereof,

with assets or revenues in excess of Fifty Thousand Dollars

($50,000.00) or with outstanding debt obligations, must cause an

audit to be made of the financial statements of the trust, such

audit to be ordered within thirty (30) days of the close of each

fiscal year of the trust. The audit shall be filed in accordance

with the requirements set forth for financial statement audits in

Section 212A of Title 74 of the Oklahoma Statutes.

B. The trustees of a trust which has more than Fifty Thousand

Dollars ($50,000.00) in revenues or assets, and for whom an annual

financial statement audit is not required by another law, regulation

or contract, shall cause to be conducted, by an independent licensed

public accountant or a certified public accountant, an annual audit

of the trust’s financial statements in accordance with auditing

standards generally accepted in the United States and Government

Auditing Standards as issued by the Comptroller General of the

United States or an agreed-upon-procedures engagement over certain

financial information and compliance requirements to be performed in

accordance with the applicable attestation standards of The American

Institute of Certified Public Accountants. The specific procedures

to be performed are:

1. Prepare a schedule of revenues, expenditures/expenses and

changes in fund balances/net assets for each fund and determine

compliance with any applicable trust or other prohibitions for

creating fund balance deficits;

2. Agree material bank account balances to bank statements, and

trace significant reconciling items to subsequent clearance;

3. Compare uninsured deposits to fair value of pledged

collateral;

4. Compare use of material-restricted revenues and resources to

their restrictions;

Oklahoma Statutes - Title 60. Property

5.

Determine compliance with requirements for separate funds;

and

6. Determine compliance with reserve account and debt service

coverage requirements of bond indentures.

Such engagement shall be ordered within thirty (30) days of the

close of each fiscal year of the trust. Copies of the annual audit

or agreed-upon-procedures report shall be filed with the State

Auditor and Inspector within six (6) months after the close of the

fiscal year and with the trustees and governing body of the

beneficiaries.

C. Public trusts which have less than Fifty Thousand Dollars

($50,000.00) in revenue and less than Fifty Thousand Dollars

($50,000.00) in assets, and for whom an annual financial statement

audit is not required by another law, regulation or contract and any

public trust which did not have financial activity exceeding Fifty

Thousand Dollars ($50,000.00) since its last audit shall be exempt

from the requirements of subsections A and B of this section unless

the public trust has outstanding debt obligations.

D. A public trust with a municipal government or governments as

the beneficiary that meet the same financial requirements

established in subsection B of Section 17-105 of Title 11 of the

Oklahoma Statutes may, as an alternative to obtaining an audit as

required in this section, follow the biennial agreed-upon-procedures

engagement outlined in subsection D of Section 17-105 of Title 11 of

the Oklahoma Statutes.

Added by Laws 1963, c. 76, § 1, emerg. eff. May 21, 1963. Amended

by Laws 1976, c. 222, § 7, eff. Dec. 1, 1976; Laws 1996, c. 290, §

5, eff. July 1, 1996; Laws 2005, c. 459, § 6, eff. July 1, 2005;

Laws 2006, c. 325, § 2, eff. Nov. 1, 2006; Laws 2007, c. 1, § 45,

emerg. eff. Feb. 22, 2007; Laws 2017, c. 83, § 1; Laws 2021, c. 262,

§ 3, eff. Nov. 1, 2021; Laws 2024, c. 287, § 2, eff. Nov. 1, 2024.

NOTE: Laws 2006, c. 314, § 6 repealed by Laws 2007, c. 1, § 46,

emerg. eff. Feb. 22, 2007.