HB 814

Bill Subjects

Auditor Of Public Accounts Audits And Auditors Contracts Education, Finance Education, Higher Legislative Research Commission State Agencies Universities And Colleges

Abstract

Create new section of KRS Chapter 164 to require all postsecondary institutions to contract with an auditor and conduct an annual audit; set deadlines for finalization of the audit and submission of audit report and requirements if deadlines are not met; set rules for the Auditor of Public Accounts and Council on Postsecondary Education to place institution under a fiscal watch; require a fiscal recovery plan for institutions on fiscal watch; sets financial terms for contracts with auditors and reduction in fees for auditor's unreasonable delay; require reference to these requirements in audit contracts between postsecondary institutions and auditors.