2016 Idaho Statutes
Title 67 - STATE GOVERNMENT AND STATE AFFAIRS
Chapter 4 - LEGISLATURE
Section 67-450D - INDEPENDENT FINANCIAL AUDITS -- DESIGNATED ENTITIES.

67-450D. independent financial audits -- designated entities. (1) Notwithstanding any other provisions of the Idaho Code relating to audit requirements regarding the entities hereinafter designated, beginning on July 1, 2010, the requirements set forth in this section shall constitute the minimum audit requirements for the following entities:

Alfalfa and clover seed commission;

Idaho apple commission;

Idaho barley commission;

Idaho bean commission;

Idaho beef council;

Idaho cherry commission;

Idaho dairy products commission;

Idaho food quality assurance institute;

Idaho forest products commission;

Idaho grape growers and wine producers commission;

Idaho honey commission;

Idaho hop grower's commission;

Idaho mint commission;

Idaho oilseed commission;

Idaho pea and lentil commission;

Idaho potato commission;

Idaho rangeland resources commission;

Soil and water conservation commission;

Idaho wheat commission.

(2) The minimum requirements for any audit performed under the provisions of this section are:

(a) Any entity whose annual expenditures (from all sources) exceed two hundred fifty thousand dollars ($250,000) shall cause a full and complete audit of its financial statements to be made each fiscal year.

(b) Any entity whose annual expenditures (from all sources) exceed one hundred thousand dollars ($100,000), but do not exceed two hundred fifty thousand dollars ($250,000), in the current year shall have an annual audit or may elect to have its financial statements audited on a biennial basis. The first year that expenditures exceed one hundred thousand dollars ($100,000) is the first year of the biennial audit period. The designated entity may continue the biennial audit cycle in subsequent years as long as the entity's annual expenditures during the first year of the biennial audit period do not exceed two hundred fifty thousand dollars ($250,000). In the event that annual expenditures exceed two hundred fifty thousand dollars ($250,000) in the current year following a year in which a biennial audit was completed, the designated entity shall complete an annual audit. In the event that annual expenditures in the current year do not exceed one hundred thousand dollars ($100,000) following a year in which an annual or biennial audit was completed, the designated entity has no minimum audit requirement.

(c) Any entity whose annual expenditures (from all sources) do not exceed one hundred thousand dollars ($100,000) has no minimum audit requirements under the provisions of this section.

(d) Federal audit requirements applicable because of expenditure of federal assistance supersede the minimum audit requirements provided in this section.

(3) All moneys received or expended by the entities identified in subsection (1) of this section shall be audited as specified in subsection (2) of this section by a certified public accountant designated by the entity, who shall furnish a copy of such audit to the director of the legislative services office and to the senate agricultural affairs committee and the house agricultural affairs committee. The audit shall be completed within ninety (90) days following the close of the commission's fiscal year.

(4) Any entity identified in subsection (1) of this section that is not audited pursuant to the provisions of this section shall submit an unaudited annual statement of revenues, expenditures and fund balances to the director of the legislative services office, to the senate agricultural affairs committee and the house agricultural affairs committee, to the state controller and to the division of financial management.

(5) The right is reserved to the state of Idaho to audit the funds of the entities identified in this section at any time.

History:

[67-450D, added 2010, ch. 178, sec. 1, p. 366; am. 2011, ch. 21, sec. 2, p. 60; am. 2015, ch. 124, sec. 8, p. 315; am. 2016, ch. 19, sec. 2, p. 24; am. 2016, ch. 85, sec. 2, p. 269.]