MEMO<\/u><\/p>\n

TO:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Montana Local Governments and Local Government Auditors
\nFROM:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Local Government Services Bureau
\nDATE:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 May 25, 2017
\nSUBJECT:\u00a0\u00a0\u00a0\u00a0\u00a0 New Audit Threshold<\/u><\/strong><\/p>\n

Effective July 1, 2017, Senate Bill (SB) 372 revised the revenue threshold for a required audit from $500,000 to $750,000.\u00a0\u00a0\u00a0 Our legal counsel has interpreted the bill\u2019s effective date to mean that the new audit threshold will apply to any annual financial report that is due on or after July 1, 2017 \u2013 i.e., all FY2017 and subsequent annual reports.<\/p>\n

The legislation does not explicitly set the audit threshold at $750,000, but instead links it to the dollar threshold for federal assistance audits required by 2 CFR \u00a7200. Please use the following links to see the SB 372 revisions, as well as to further document the authority for the new threshold.<\/p>\n

Senate Bill 372: SB 372<\/a><\/p>\n

U.S. Code (USC) as referenced in SB 372: 31 USC 7502 <\/a><\/p>\n

Code of Federal Regulations (CFR): Unofficial eCFR<\/a>\u00a0\u00a0\u00a0\u00a0 OR<\/p>\n

2 CFR 200.501(a)<\/a> (Title 2, Subtitle A, Chapter 2, Part 200, Subpart F)<\/p>\n

Please review your open audit contracts.\u00a0 If your government is no longer required to have an audit under the revised threshold and your government does not wish to have an audit, you and your auditor will need to submit a mutually-agreed contract amendment to LGSPortalRegistration@mt.gov<\/a> in order to cancel the remaining year(s) on the contract(s).<\/p>\n","protected":false},"excerpt":{"rendered":"

MEMO TO:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Montana Local Governments and Local Government Auditors FROM:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Local Government Services Bureau DATE:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 May 25, 2017 SUBJECT:\u00a0\u00a0\u00a0\u00a0\u00a0 New Audit Threshold Effective July 1, 2017, Senate Bill (SB) 372 revised the revenue threshold for a required audit from $500,000 to $750,000.\u00a0\u00a0\u00a0 Our legal counsel has interpreted the bill\u2019s effective date to mean that the […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[28,27],"tags":[],"class_list":["post-2236","post","type-post","status-publish","format-standard","hentry","category-budgetsfinance","category-news-events"],"yoast_head":"\n