Ind. Code § 5-11-1-25
Risk based examination criteria used to determine examination frequency; biennial school corporation examinations
Redline — January 1, 2018 → current.View current text →
Current — January 1, 2023
As of January 1, 2018
Sec. 25. (a) This section and section 24.4 of this chapter do not limit the application of any law that requires a municipality, a public hospital, another public office or public officer, an entity, or another person or organization to be audited or otherwise examined on an annual or other basis by:
Sec. 25. (a) This section and section 24.4 of this chapter do not limit the application of any law that requires a municipality, a public hospital, another public office or public officer, an entity, or another person or organization to be audited or otherwise examined on an annual or other basis by:
(1) a certified public accountant; or
(1) a certified public accountant; or
(2) a person other than the state examiner or the state board of accounts.
(2) a person other than the state examiner or the state board of accounts.
(b) Subject to section 9 of this chapter and subsections (c) and (d), the state board of accounts shall conduct examinations of audited entities at the times determined by the state board of accounts, but not less than once every four (4) years, using risk based examination criteria that are established by the state board of accounts and approved by the audit committee. The risk based examination criteria must include the following risk factors:
(b) Subject to section 9 of this chapter and subsections (c) and (d), the state board of accounts shall conduct examinations of audited entities at the times determined by the state board of accounts, but not less than once every four (4) years, using risk based examination criteria that are established by the state board of accounts and approved by the audit committee. The risk based examination criteria must include the following risk factors:
(1) An audited entity has a newly elected or appointed fiscal officer.
(1) An audited entity has a newly elected or appointed fiscal officer.
(2) An audited entity:
(A) has not timely filed; or
(B) has filed a materially incorrect or incomplete;
annual financial report required by section 4 of this chapter.
(2) An audited entity:
(A) has not timely filed; or
(B) has filed a materially incorrect or incomplete;
annual financial report required by section 4 of this chapter.
(3) A ratings agency that rates debt maintained by an audited entity has determined an examination of the audited entity is required more frequently than once every four (4) years.
(4) Any other factor determined by the state examiner and approved by the audit committee.
(c) Examinations must be conducted annually for the following:
(c) Examinations must be conducted annually for the following:
(1) The state.
(1) The state.
(2) An audited entity (other than a school corporation) that requires an annual audit: (A) because of the receipt of federal financial assistance in an amount that subjects the audited entity to an annual federal audit; (B) due to continuing disclosure requirements; or (C) as a condition of a public bond issuance. An audited entity shall, under the guidelines established by the state board of accounts, provide notice to the state examiner not later than sixty (60) days after the close of the audited entity's fiscal year that the audited entity is required to have an annual audit under subdivision (2). (d) As permitted under this section since September 1, 1986 (the effective date of P.L.3-1986, SECTION 16), examinations of school corporations shall be conducted biennially.
(2) An audited entity (other than a school corporation) that requires an annual audit: (A) because of the receipt of federal financial assistance in an amount that subjects the audited entity to an annual federal audit; (B) due to continuing disclosure requirements; or (C) as a condition of a public bond issuance. (3) A development authority. An audited entity shall, under the guidelines established by the state board of accounts, provide notice to the state examiner not later than sixty (60) days after the close of the audited entity's fiscal year that the audited entity is required to have an annual audit under subdivision (2). (d) As permitted under this section since September 1, 1986 (the effective date of P.L.3-1986, SECTION 16), examinations of school corporations shall be conducted biennially.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.