Source: https://law.justia.com/codes/oklahoma/2014/title-74/section-74-212/
Timestamp: 2019-08-25 13:18:33
Document Index: 654611876

Matched Legal Cases: ['§74', '§74', '§ 74', '§ 8119', '§ 1', '§ 138', '§ 8', '§ 2', '§ 1', '§ 3', '§ 1', '§ 1', '§ 1', '§ 842', '§ 1', '§ 1', '§ 10']

§74-212. Duties and powers - Deputies - Audit of books of subdivisions of state - Cost of examination. :: 2014 Oklahoma Statutes :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Oklahoma Statutes 2014 Oklahoma Statutes Title 74. State Government §74-212. Duties and powers - Deputies - Audit of books of subdivisions of state - Cost of examination.
74 OK Stat § 74-212 (2014) What's This?
3. The State Auditor and Inspector shall perform an audit of the annual financial statements of the State Treasurer and the Tax Commission for each state fiscal year. Such audits shall be conducted in accordance with auditing standards generally accepted in the United States and the standards applicable to financial audits contained in Government Auditing Standards, latest revised edition, issued by the Comptroller General of the United States. The State Auditor and Inspector shall complete the audits not later than ninety (90) calendar days after the financial statements are delivered to the State Auditor and Inspector. The annual audit reports and related financial statements shall be delivered by the State Auditor and Inspector to the Governor, President Pro Tempore of the Senate, and Speaker of the House of Representatives. The annual audit report and related financial statements of the State Treasurer shall also be delivered to the Attorney General and the members of the Cash Management and Investment Oversight Commission created by Section 71.1 of Title 62 of the Oklahoma Statutes. The annual audit report and related financial statements of the Tax Commission shall also be delivered to the Director of the Office of Management and Enterprise Services and the Legislative Service Bureau. The State Auditor and Inspector shall conduct unannounced cash audits of the State Treasury at least once each quarter.
3. As used in this section, "state agency" means every agency, board, or commission included in the primary government of the State of Oklahoma. For purposes of this paragraph, the primary government of the State of Oklahoma includes all agencies, boards, and commissions included in the primary government in the State of Oklahoma Comprehensive Annual Financial Report. The agencies, boards, and commissions included in the primary government of the State of Oklahoma shall be determined using criteria set by the Governmental Accounting Standards Board.
4. As used in this subsection, "audit" means any of the following:
a."financial audit", which means an audit of financial statements in order to express an opinion on the fairness with which they are presented in conformity with generally accepted accounting principles or any other comprehensive basis of accounting, as defined by the American Institute of Certified Public Accountants' Professional Standards, latest revised edition. Financial audits must be conducted in accordance with auditing standards generally accepted in the United States and the standards applicable to financial audits contained in Government Auditing Standards, latest revised edition, issued by the Comptroller General of the United States,
b."operational audit", which means an audit conducted in accordance with applicable Government Auditing Standards, the purpose of which is to evaluate management's performance in administering assigned responsibilities in accordance with applicable laws, administrative rules, and other policies and guidelines and to determine the extent to which the internal control, as designed and placed in operation, promotes and encourages the achievement of management's control objectives in the categories of compliance, reliability of financial records and reports, and safeguarding of assets,
c."performance audit", which means an audit of a program, activity, or function of a state agency conducted in accordance with applicable Government Auditing Standards. The term includes, but is not limited to, an audit to assess program, activity, or function effectiveness, economy and efficiency, internal control, or compliance,
d."special or investigative audit", which means an audit with respect to a particular situation which may be, but is not required to be, conducted in accordance with applicable Government Auditing Standards, and
e.any other type of engagement conducted in accordance with Government Auditing Standards.
G. OKLAHOMA EMPLOYEES INSURANCE AND BENEFITS BOARD
The State Auditor and Inspector shall cause to be audited the books and accounts of the office of the Oklahoma Employees Insurance and Benefits Board. The audit may include, but shall not be limited to, the audit of the financial records, performance measures, compliance with any state or federal statutes and rules, and compliance with any regulations of state programs. The audit shall be contracted out to private audit firms. The cost of the audit shall be borne by the Oklahoma Employees Insurance and Benefits Board.
2. The petition must contain the number of signatures equivalent to ten percent (10%) of the registered voters of the subdivision as determined by the county election board or, if the county election board determines that the number of registered voters in the subdivision cannot be determined due to boundary lines not conforming to precinct lines, the required number of petitioners shall be twenty-five percent (25%) of the total number of persons voting in the last general election. If the subdivision is a public trust, the required number of petitioners shall be the same as those required for an audit of its beneficiary. The appropriate county election board shall provide the number of signatures so required upon request.
R.L. 1910, § 8119. Amended by Laws 1939, p. 63, § 1, emerg. eff. May 9, 1939; Laws 1979, c. 30, § 138, emerg. eff. April 6, 1979; Laws 1988, c. 276, § 8, operative July 1, 1988; Laws 1991, c. 319, § 2, emerg. eff. June 12, 1991; Laws 1994, c. 92, § 1, emerg. eff. April 21, 1994; Laws 1997, c. 136, § 3, eff. July 1, 1997; Laws 1999, c. 192, § 1, emerg. eff. May 21, 1999; Laws 2001, c. 321, § 1; Laws 2010, c. 413, § 1, eff. July 1, 2010; Laws 2012, c. 304, § 842; Laws 2014, c. 187, § 1, eff. Nov. 1, 2014.
NOTE: Laws 1979, c. 33, § 1 repealed by Laws 1988, c. 276, § 10, operative July 1, 1988.