Oregon Statutes 297.465 – Standards for audits; form; filing; extensions of time
(1) The Secretary of State, in cooperation with the Oregon Board of Accountancy, and in consultation with the Oregon Society of Certified Public Accountants, shall prescribe the minimum standards for conducting audits of municipal corporations, preparing the resulting audit reports and expressing opinions upon the financial condition and results of operation for the period under audit. The expression of opinion shall be signed by the accountant signing the contract, or in the case of a partnership or professional corporation, by a partner or stockholder who is an accountant as defined in ORS § 297.405, who has personally conducted the audit to an extent satisfactory to the secretary and to the municipal corporation.
Terms Used In Oregon Statutes 297.465
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) The municipal corporation shall be furnished with a written audit report, containing a signed expression of opinion, in the form prescribed by the Secretary of State. A copy of the audit report shall be furnished to each person who was a member of the governing body at the end of the fiscal year and to each member of the current governing body. The accountant shall furnish the audit report to the municipal corporation within six months after the close of the fiscal year under audit, unless the secretary has granted the municipal corporation an extension under subsection (3) of this section.
(3)(a) The municipal corporation shall file one copy of its audit report with the Secretary of State within six months after the close of the fiscal year under audit, unless the secretary, for good cause shown, grants to the municipal corporation a reasonable extension of time. The extension may not exceed one year after the close of the fiscal year under audit unless the secretary finds that extraordinary circumstances justify a longer extension. A municipal corporation is delinquent for purposes of the filing requirement under this subsection if the municipal corporation does not file the audit report by the deadline or any extended deadline described in this subsection.
(b) The report is subject to review by the secretary, who may also require submission of the supporting documentation and audit programs of the accountant.
(c) If an audit, audit report or expression of opinion is found by the secretary not to be in accordance with the prescribed standards, the secretary shall request compliance. The secretary may report the request to comply to the Oregon Board of Accountancy, which may investigate the accountant’s work or remove or suspend the name of the accountant from the roster required by ORS § 297.670.
(4) Audit reports or financial statements filed with the Secretary of State as required by ORS § 297.405 to 297.555 shall include the names, physical or electronic mailing addresses and titles of the officers and members of the governing board of the municipal corporation. The report or statement of a special district shall include the name of its registered agent and the address of its registered office as provided by ORS § 198.335 to 198.365. [1977 c.774 § 8; 1979 c.646 § 3; 2007 c.184 § 2; 2015 c.29 § 2; 2023 c.10 § 6]