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SF 2978

as introduced - 90th Legislature (2017 - 2018) Posted on 03/09/2018 03:25pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to state government; requiring the state auditor to adopt rules related to
the review of certain audits conducted by CPA firms; amending Minnesota Statutes
2017 Supplement, section 6.481, subdivision 3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2017 Supplement, section 6.481, subdivision 3, is amended
to read:


Subd. 3.

CPA firm auditnew text begin ; rulemaking requirednew text end .

A county audit performed by a CPA
firm must meet the standards and be in a form meeting recognized industry auditing
standards. The state auditor may require additional information from the CPA firm if the
state auditor determines that is in the public interest, but the state auditor must accept the
audit unless the state auditor determines the audit or its form does not meet recognized
industry auditing standards. The state auditor may make additional examinations as the
auditor determines to be in the public interest.new text begin The state auditor must adopt rules, according
to the requirements of chapter 14, that establish procedures and standards to be used in
making the determinations required or authorized by this subdivision.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end

Sec. 2. new text begin STATE AUDITOR RULEMAKING; EXPEDITED PROCESS
AUTHORIZED.
new text end

new text begin The state auditor may adopt the rules required by Minnesota Statutes, section 6.481,
subdivision 3, using the expedited process provided by Minnesota Statutes, section 14.389,
if the notice of intent to adopt rules is published on or before August 1, 2018. If the expedited
process is used, Minnesota Statutes, section 14.389, subdivision 5, applies.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end