ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature Second Regular Session
	Senate: GOV DP 4-2-2-0 | 3^rd Read 16-12-2-0 House: GOV DP 5-4-0-0 | 3^rd Read 31-29-0-0 Final Pass: 16-13-1-0

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SB 1473: agencies; single audit reports; penalty

Sponsor: Senator Kern, LD 27

Transmitted to the Governor

Overview

Outlines penalties for state agencies that submit a Schedule of Expenditures of Federal Awards (SEFA) late.

History

The Single Audit Act of 1984 establishes requirements for audits of states, local governments and Indian tribal governments that expend over $750,000 in federal awards during one fiscal year. As part of a single audit, states, local governments and Indian tribal governments are required to prepare a SEFA, note disclosures, corrective action plans and a summary schedule of prior audit findings. A SEFA can include but is not limited to financial statement numbers, federal agency assistance listings numbers, program names and other information not typically found in the general ledger.

Provisions

1. Stipulates a penalty of 1% of the amount of federal monies received annually by a state agency for every 30 days an agency required to comply with federal single audit requirements is late in submitting a SEFA to the Auditor General. (Sec. 1)

2. Mandates that if a state agency submits a SEFA late:

a) the Auditor General must notify the State Treasurer of the amount of the penalty; and

b) the State Treasurer must withhold the penalty from a state agency's appropriation for the following fiscal year. (Sec. 1)

c)

d)

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f)                         SB 1473

g) Initials SJ/AC            Page 0 Transmitted

h)

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