NOTE: Review the Audit Deadlines for Units Seeking LGC Approval of Debt (read more
G.S. 159-34 states that each unit of local government and public authority shall have its accounts audited as soon as possible after the close of each fiscal year. When specified by the Secretary of the Local Government Commission (LGC), the audit shall evaluate the performance of a unit of local government or public authority with regard to compliance with all applicable federal and State agency regulations. In accordance with this statute and regulations set by the Secretary of the Local Government Commission, local governments and public authorities are subject to the following audit requirements:
- All local governments and public authorities subject to G.S. 159,
The Local Government Budget and Fiscal Control Act, must have an audit performed in accordance with generally accepted auditing standards (GAAS).
- Local governments and public authorities that
expend $100,000 or more in
combined federal or State financial assistance must have an audit performed in accordance with
Government Auditing Standards
Beginning with fiscal years ending on or after December 31, 2015, local governments and public authorities that
expend $750,000 or more in federal financial assistance must have a single audit performed in accordance with OMB Title 2 US
Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
- Beginning with fiscal years ending on or after June 30, 2016, local governments and public authorities that
expend $500,000 or more in State financial assistance must have a single audit performed in accordance with
State Single Audit Implementation Act.