Bill Text: NC S682 | 2015-2016 | Regular Session | Amended
Bill Title: Modify Sunset Re: Contingent Audits
Spectrum: Bipartisan Bill
Status: (Passed) 2015-06-24 - Ch. SL 2015-109 [S682 Detail]
Download: North_Carolina-2015-S682-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
S 1
SENATE BILL 682
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Short Title: Modify Sunset Re: Contingent Audits. |
(Public) |
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Sponsors: |
Senators Gunn and Clark (Primary Sponsors). |
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Referred to: |
Commerce. |
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March 30, 2015
A BILL TO BE ENTITLED
AN ACT to limit use of contingent‑based contracts for audit or assessment purposes.
The General Assembly of North Carolina enacts:
SECTION 1. Section 6 of S.L. 2012‑152, as amended by Section 61.5(b) of S.L. 2012‑194, reads as rewritten:
"SECTION 6. Sections 1, 3, and 3.1 of this act
become effective October 1, 2012. The Treasurer shall not renew any contingency
fee‑based contracts for these services after October 1, 2012. The
Treasurer shall not assign further audits on a contingency fee basis to an
auditing firm under a contract that meets all the following conditions: (i) the
contract would have been prohibited under this act had the contract been
entered into after October 1, 2012, and (ii) the contract allows the assignment
of audits on a discretionary basis by the Treasurer. Sections 2, 4, and 5 of
this act become effective July 1, 2013, and expire July 1, 2015. From2013.
After July 1, 2013, until July 1, 2015, cities and counties shall
not renew any contingency fee‑based contracts for these services. From
After July 1, 2013, until July 1, 2015, cities and counties
shall not assign further audits on a contingency fee basis to an auditing firm
under a contract that meets all the following conditions: (i) the contract
would have been prohibited under this act had the contract been entered into
after July 1, 2013, and (ii) the contract allows the assignment of audits on a
discretionary basis. The remainder of the act is effective when the act becomes
law."
SECTION 2. This act is effective when it becomes law.
