2019 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 297 - Audits of Public Funds and Financial Records
Section 297.465 - Standards for audits; form; filing; extensions of time.
(1) The Secretary of State, in cooperation with the Oregon Board of Accountancy, and in consultation with the Oregon Society of Certified Public Accountants, shall prescribe the minimum standards for conducting audits of municipal corporations, preparing the resulting audit reports and expressing opinions upon the financial condition and results of operation for the period under audit. The expression of opinion shall be signed by the accountant signing the contract, or in the case of a partnership or professional corporation, by a partner or stockholder who is an accountant as defined in ORS 297.405, who has personally conducted the audit to an extent satisfactory to the secretary and to the municipal corporation.
(2) The municipal corporation shall be furnished with a written audit report, containing a signed expression of opinion, in the form prescribed by the Secretary of State. A copy of the audit report shall be furnished to each person who was a member of the governing body at the end of the calendar or fiscal year and to each member of the current governing body. Other copies shall be furnished the municipal corporation as are requested by the chairperson of the governing body or the managing or executive officer. The accountant shall furnish the audit report to the municipal corporation within six months after the close of the calendar or fiscal year under audit, unless the secretary has granted the municipal corporation an extension under subsection (3) of this section.
(3)(a) The municipal corporation shall file one copy of its audit report with the Secretary of State within six months after the close of the calendar or fiscal year under audit, unless the secretary, for good cause shown, grants to the municipal corporation a reasonable extension of time. The extension may not exceed one year after the close of the calendar or fiscal year under audit unless the secretary finds that extraordinary circumstances justify a longer extension. A municipal corporation is delinquent for purposes of the filing requirement under this subsection if the municipal corporation does not file the audit report by the deadline or any extended deadline described in this subsection.
(b) The report is subject to review by the secretary, who may also require submission of the supporting documentation and audit programs of the accountant.
(c) If an audit, audit report or expression of opinion is found by the secretary not to be in accordance with the prescribed standards, the secretary shall request compliance. If the accountant fails to comply with the request, the secretary shall report the failure to comply to the Oregon Board of Accountancy, which may remove or suspend the name of the accountant from the roster required by ORS 297.670.
(4) Audit reports or financial statements filed with the Secretary of State as required by ORS 297.405 to 297.555 shall include the names, mailing addresses and titles of the officers and members of the governing board of the municipal corporation. The report or statement of a special district shall include the name of its registered agent and the address of its registered office as provided by ORS 198.335 to 198.365. [1977 c.774 §8; 1979 c.646 §3; 2007 c.184 §2; 2015 c.29 §2]
