insurance. A. 1. The audit of the financial statements and compliance requirements of each public school district shall be made in accordance with auditing standards generally accepted in the United States as defined by the American Institute of Certified Public Accountants or its successor organization and shall comply with the most recent Government Auditing Standards issued by the United States Government Accountability Office. 2. The auditor’s opinions shall state whether the financial statements of the school district were prepared in accordance with: a. accounting principles generally accepted in the United States, or b. accounting and financial reporting regulations prescribed or permitted by the State Department of Education, 3. The auditor shall also report in accordance with: a. Government Auditing Standards on the school district’s internal control over financial reporting and compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters, and b. the United States Office of Management and Budget Circular A-133, as required. B. All firms, as defined by the Oklahoma Accountancy Act, before entering into audit contracts required pursuant to the Oklahoma Public School Audit Law, shall satisfy the State Auditor and Inspector that the registrant, as defined by the Oklahoma Accountancy Act, has an individual responsible for the audits of school districts who: 1. Has at least two (2) years of experience auditing public entities; 2. Has completed a minimum of eight (8) clock hours of continuing education credit in school district accounting and auditing as defined by the Governmental Accounting Standards Board (GASB) and the Office of the Comptroller General during the prior year; and 3. Is licensed by and is in good standing with the Oklahoma Accountancy Board. C. Firms shall submit their application to perform audits of a school district with their most recent peer review, which must include the audit of at least one school district, if the firm has performed such an audit, and any letter of comment for approval or disapproval by the State Auditor and Inspector for the current audit year on or before the first day of January of each calendar year. D. 1. Until June 30, 2014, all firms entering into audit contracts required pursuant to the Oklahoma Public School Audit Law shall carry a minimum of Two Hundred Fifty Thousand Dollars ($250,000.00) accountants' professional liability insurance or the total amount of the budget being audited, whichever is less. 2. Beginning July 1, 2014, all firms entering into audit contracts required pursuant to the Oklahoma Public School Audit Law shall carry a minimum of Five Hundred Thousand Dollars ($500,000.00) accountants’ professional liability insurance or the total amount of the budget being audited, whichever is less. 3. Proof of such insurance shall be submitted to the State Auditor and Inspector prior to entering into a contract. Added by Laws 1971, c. 281, § 22-104, eff. July 2, 1971. Amended by Laws 1977, c. 225, § 1; Laws 1986, c. 32, § 1, emerg. eff. March 21, 1986; Laws 1986, c. 259, § 60, operative July 1, 1986; Laws 2005, c. 472, § 15, eff. July 1, 2005; Laws 2010, c. 477, § 2, eff. July 1, 2010.
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