Bill Text: MS SB2736 | 2017 | Regular Session | Introduced

Mississippi Senate Bill 2736 (Prior Session Legislation)

Introduced

Bill Title: Public entities; require rotation of public accounting firms for annual audits of.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2017-01-31 - Died In Committee [SB2736 Detail]

Download: Mississippi-2017-SB2736-Introduced.html

MISSISSIPPI LEGISLATURE

2017 Regular Session

To: Accountability, Efficiency, Transparency; Appropriations

By: Senator(s) Hill

Senate Bill 2736

AN ACT TO REQUIRE PUBLIC ENTITIES TO ROTATE ACCOUNTING FIRMS FOR ANNUAL AUDITS BEGINNING WITH THE 2019 FISCAL YEAR; TO PROVIDE THAT THE STATE AUDITOR MAY WAIVE THIS REQUIREMENT IF ANOTHER ELIGIBLE PUBLIC ACCOUNTING FIRM IS NOT AVAILABLE TO PERFORM THE AUDIT; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Beginning with the 2019 fiscal year, a public entity shall not employ a public accounting firm to provide audit services to the entity if the lead audit partner or coordinating audit partner having primary responsibility for the audit, or the audit partner responsible for reviewing the audit, has performed audit services for that entity for two (2) consecutive fiscal years. For purposes of calculating the two (2) consecutive fiscal years, the public entity shall not take into account any time that a public accounting firm was employed by that entity prior to the 2019 fiscal year. The State Auditor may waive this requirement if he or she finds that another eligible public accounting firm is not available to perform the audit.

SECTION 2. This act shall take effect and be in force from and after July 1, 2017.