COLUMBUS - 

State Representative Mark Romanchuk (R-Ontario) has announced that the Ohio House of Representatives today passed Senate Bill 67, which strives to lower auditing costs for political subdivisions and increase these entities’ participation in audits.


Senate Bill 67 is the companion legislation to House Bill 6, which passed with unanimous support from the House on May 15th. It codifies the Ohio Auditor of State’s policy regarding the option for allowing, in certain situations, an Agreed-Upon Procedures (AUP) audit, which is a lower-cost auditing method that permits eligible government agencies to save money and time without sacrificing accountability. These audits provide less-formal presentations of findings and are ultimately more cost-effective and less time-consuming, allowing savings of 25 to 50 percent of full audit costs.


“These are audits that make good sense for local governments,” Rep. Romanchuk said. “It’s important that we provide for every opportunity to save taxpayer money.”


The legislation also includes an amendment to reconfirm the Legislature’s intent that JobsOhio’s private funds should not be subject to audits by the Auditor of State, and that the Auditor of State can only audit public funds. As a private entity with the authority to use its private resources to respond to the needs of Ohio’s job creators, JobsOhio is not subject to the same audits that public-sector entities would undergo. However, the Auditor of State will have the opportunity to select an independent accounting firm to conduct JobsOhio’s annual financial audit, as well as report on JobsOhio’s compliance with its legal obligations. Both reports will be publicly disclosed.


Senate Bill 67 will be sent back to the Senate for concurrence.

 
 
 
  
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