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H 142

AUDITS OF LOCAL GOVERNMENTAL ENTITIES – Amends existing law to revise provisions regarding the minimum requirements for an audit.

68th Legislature, 1st Regular Session (2025)

House Bill 142 updates audit requirements for Idaho's local governments, mandating annual audits for entities spending over $300,000 to ensure financial accountability.

Reported Signed by Governor on March 14, 2025 Session Law Chapter 71 Effective: 07/01/2025
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Bill Summary · H 142

Summary of House Bill 142 (H 142)

Title

AUDITS OF LOCAL GOVERNMENTAL ENTITIES – Amends existing law to revise provisions regarding the minimum requirements for an audit.

Bill Information

  • Bill Number: H 142
  • Status: Reported Signed by Governor on March 14, 2025
  • Session Law Chapter: 71
  • Effective Date: July 1, 2025
  • Introduced: February 5, 2025
  • Classification: Bill
  • Subject: Audits and Auditors, Cities, Counties, Finance, Government

Purpose and Intent

House Bill 142 aims to update the minimum audit requirements for local governmental entities in Idaho. The bill recognizes the need to adjust statutory thresholds to reflect inflation and changes in economic activity, ensuring that audit requirements remain relevant and effective.

Key Provisions

The bill amends Section 67-450B of the Idaho Code, introducing the following changes:

  1. Minimum Audit Requirements:

    • Local governmental entities (including cities, counties, authorities, and districts) with annual expenditures exceeding $300,000 must conduct a full audit each fiscal year.
    • Entities with expenditures between $200,000 and $300,000 may opt for an annual audit or a biennial audit.
    • Entities with expenditures below $200,000 have no minimum audit requirements.

  2. Filing Requirements:

    • Completed audit reports must be filed with the legislative services office within nine months after the end of the audit period.

  3. Contracting Auditors:

    • Audits must be performed by independent auditors in accordance with generally accepted governmental auditing standards, and auditors must be employed under a written contract.

  4. Budgeting for Audits:

    • Local governmental entities are required to include necessary expenses for audits in their annual budgets.

  5. Emergency Clause:

    • The bill includes an emergency declaration, allowing it to take effect on July 1, 2025.

Impact

  • Who is Affected: This legislation primarily impacts local governmental entities in Idaho, including cities, counties, and various authorities and districts.
  • Fiscal Impact: The fiscal note indicates that the bill will not result in any increase or decrease in revenue or additional expenditures at the state or local level, thus having no fiscal impact.

Legislative Timeline

  • February 5, 2025: Bill introduced and referred to the Local Government Committee.
  • March 14, 2025: Signed by the Governor and reported as Session Law Chapter 71.
  • Effective Date: July 1, 2025.

This summary provides an overview of House Bill 142, highlighting its purpose, key provisions, and the expected impact on local governmental entities in Idaho.

Compiled from official sources — confirm details with the bill’s official record.

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