August 10, 2015
The Oregon legislature recently enacted new law with regard to municipal audit filings. Please contact Brenda Bartlett if you have any questions about the new law.
Requirement of Plan of Action submitted to Secretary of State
The most significant change is that all municipalities will now be required to file with the Secretary of State a plan of action to address any deficiencies noted in your audit letters within 30 days of audit filing. This applies to modified opinions, violations of law (budget, etc), and internal control deficiencies communicated in writing to management and governing body.
I chatted with Phil Hopkins about this and he has interpreted this to include the management comments letter as it's communicated in writing to management.
As a result of the new law, we will be required to submit copies of all audit letters to Secretary of State. Secretary of State will then summarize these findings and your plans of action and report to the legislative assembly each biennial session for their review.
Audit extension filing
Audit extensions will now be the responsibility of management of the government, rather than of the audit firm.
Pertaining to cities and counties only
If a city or county doesn't file its audit report within one year of its fiscal year end, the Secretary of State may take action to withhold 10% of state revenue distributions until the report is filed.
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The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: