The 501 S(c)ene

The latest view on not-for-profit accounting issues

Auditor Term Limits: An Update for Charter Schools

Last fall 2011 I wrote a blog regarding auditor term limits that were slowly creeping their way into governmental audits in the State of Arizona.  The legislature had passed Laws 2011, Chapter 344, sec. 5 and sec.16 of Arizona Revised Statutes §15-183 and §15-914, respectively, in July 2011 requiring Charter Schools to rotate their audit firm every five years starting with the year ended 2012.  However, in less than one year, the legislature had reversed that decision and passed SB 1199 eliminating the requirement that charter schools rotate their auditors every so many years.  The law was signed by Governor Brewer on March 30, 2012.

Brian Hemmerle, CPA