{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-22-104","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-22-104","heading":"Standards - Qualifications of accountants - Liability","body":"insurance.\n\nA. 1. The audit of the financial statements and compliance\n\nrequirements of each public school district shall be made in\n\naccordance with auditing standards generally accepted in the United\n\nStates as defined by the American Institute of Certified Public\n\nAccountants or its successor organization and shall comply with the\n\nmost recent Government Auditing Standards issued by the United\n\nStates Government Accountability Office.\n\n2. The auditor’s opinions shall state whether the financial\n\nstatements of the school district were prepared in accordance with:\n\na. accounting principles generally accepted in the United\n\nStates, or\n\nb. accounting and financial reporting regulations\n\nprescribed or permitted by the State Department of\n\nEducation,\n\n3. The auditor shall also report in accordance with:\n\na. Government Auditing Standards on the school district’s\n\ninternal control over financial reporting and\n\ncompliance with certain provisions of laws,\n\nregulations, contracts, grant agreements and other\n\nmatters, and\n\nb. the United States Office of Management and Budget\n\nCircular A-133, as required.\n\nB. All firms, as defined by the Oklahoma Accountancy Act,\n\nbefore entering into audit contracts required pursuant to the\n\nOklahoma Public School Audit Law, shall satisfy the State Auditor\n\nand Inspector that the registrant, as defined by the Oklahoma\n\nAccountancy Act, has an individual responsible for the audits of\n\nschool districts who:\n\n1. Has at least two (2) years of experience auditing public\n\nentities;\n\n2. Has completed a minimum of eight (8) clock hours of\n\ncontinuing education credit in school district accounting and\n\nauditing as defined by the Governmental Accounting Standards Board\n\n(GASB) and the Office of the Comptroller General during the prior\n\nyear; and\n\n3. Is licensed by and is in good standing with the Oklahoma\n\nAccountancy Board.\n\nC. Firms shall submit their application to perform audits of a\n\nschool district with their most recent peer review, which must\n\ninclude the audit of at least one school district, if the firm has\n\nperformed such an audit, and any letter of comment for approval or\n\ndisapproval by the State Auditor and Inspector for the current audit\n\nyear on or before the first day of January of each calendar year.\n\nD. 1. Until June 30, 2014, all firms entering into audit\n\ncontracts required pursuant to the Oklahoma Public School Audit Law\n\nshall carry a minimum of Two Hundred Fifty Thousand Dollars\n\n($250,000.00) accountants' professional liability insurance or the\n\ntotal amount of the budget being audited, whichever is less.\n\n2. Beginning July 1, 2014, all firms entering into audit\n\ncontracts required pursuant to the Oklahoma Public School Audit Law\n\nshall carry a minimum of Five Hundred Thousand Dollars ($500,000.00)\n\naccountants’ professional liability insurance or the total amount of\n\nthe budget being audited, whichever is less.\n\n3. Proof of such insurance shall be submitted to the State\n\nAuditor and Inspector prior to entering into a contract.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"110635e501d7b84075d6f16829eef821cb9e1d52b21d01d203caf634b571aaa4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-22-103","next":"us-ok/okla.-stat.-tit.-70-70-22-105"},"notice":"GroundRules: Original legal text. Not legal advice."}