{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-180.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-180.1","heading":"Annual audits","body":"A. The trustees of every trust created for the benefit and\n\nfurtherance of any public function with the State of Oklahoma or any\n\ncounty or municipality as the beneficiary or beneficiaries thereof,\n\nwith assets or revenues in excess of Fifty Thousand Dollars\n\n($50,000.00) or with outstanding debt obligations, must cause an\n\naudit to be made of the financial statements of the trust, such\n\naudit to be ordered within thirty (30) days of the close of each\n\nfiscal year of the trust. The audit shall be filed in accordance\n\nwith the requirements set forth for financial statement audits in\n\nSection 212A of Title 74 of the Oklahoma Statutes.\n\nB. The trustees of a trust which has more than Fifty Thousand\n\nDollars ($50,000.00) in revenues or assets, and for whom an annual\n\nfinancial statement audit is not required by another law, regulation\n\nor contract, shall cause to be conducted, by an independent licensed\n\npublic accountant or a certified public accountant, an annual audit\n\nof the trust’s financial statements in accordance with auditing\n\nstandards generally accepted in the United States and Government\n\nAuditing Standards as issued by the Comptroller General of the\n\nUnited States or an agreed-upon-procedures engagement over certain\n\nfinancial information and compliance requirements to be performed in\n\naccordance with the applicable attestation standards of The American\n\nInstitute of Certified Public Accountants. The specific procedures\n\nto be performed are:\n\n1. Prepare a schedule of revenues, expenditures/expenses and\n\nchanges in fund balances/net assets for each fund and determine\n\ncompliance with any applicable trust or other prohibitions for\n\ncreating fund balance deficits;\n\n2. Agree material bank account balances to bank statements, and\n\ntrace significant reconciling items to subsequent clearance;\n\n3. Compare uninsured deposits to fair value of pledged\n\ncollateral;\n\n4. Compare use of material-restricted revenues and resources to\n\ntheir restrictions;\n\n5. Determine compliance with requirements for separate funds;\n\nand\n\n6. Determine compliance with reserve account and debt service\n\ncoverage requirements of bond indentures.\n\nSuch engagement shall be ordered within thirty (30) days of the\n\nclose of each fiscal year of the trust. Copies of the annual audit\n\nor agreed-upon-procedures report shall be filed with the State\n\nAuditor and Inspector within six (6) months after the close of the\n\nfiscal year and with the trustees and governing body of the\n\nbeneficiaries.\n\nC. Public trusts which have less than Fifty Thousand Dollars\n\n($50,000.00) in revenue and less than Fifty Thousand Dollars\n\n($50,000.00) in assets, and for whom an annual financial statement\n\naudit is not required by another law, regulation or contract and any\n\npublic trust which did not have financial activity exceeding Fifty\n\nThousand Dollars ($50,000.00) since its last audit shall be exempt\n\nfrom the requirements of subsections A and B of this section unless\n\nthe public trust has outstanding debt obligations.\n\nD. A public trust with a municipal government or governments as\n\nthe beneficiary that meet the same financial requirements\n\nestablished in subsection B of Section 17-105 of Title 11 of the\n\nOklahoma Statutes may, as an alternative to obtaining an audit as\n\nrequired in this section, follow the biennial agreed-upon-procedures\n\nengagement outlined in subsection D of Section 17-105 of Title 11 of\n\nthe Oklahoma Statutes.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ec86c08adb37f26981034c2db9f8383caddb3d7e301fef97c0c012b94d241263","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-180","next":"us-ok/okla.-stat.-tit.-60-60-180.2"},"notice":"GroundRules: Original legal text. Not legal advice."}