§ 24:514 — Sworn annual financial statements; actuarial valuations; examinations

Louisiana § 24:514

• Jurisdiction: Louisiana
• Title 24: Legislature and Laws

Text

§514. Sworn annual financial statements; actuarial valuations; examinations
A. The auditees and local auditees referred to in R.S. 24:513 shall furnish to the
legislative auditor, annually, sworn annual financial statements.
B.(1) The annual sworn financial statements required under this Section shall be
prepared in accordance with generally accepted accounting principles and include such
disclosures required by state and federal regulations, except as provided by Paragraphs (2)
and (3) of Subsection B of this Section. The statements required by this Section shall include
a recital that the financial statements present fairly, in all material respects, the financial
condition and results of operations of the auditee; that the entity has maintained a system of
internal control structure sufficient to safeguard assets and comply with laws and regulations;
and that the entity has complied with all laws and regulations, or shall acknowledge
exceptions thereto.
(2) Any local auditee which, under Louisiana law, can not issue bonds may issue
annual financial statements on the cash basis of accounting, provided that such statements
describe all outstanding obligations and fixed assets of the local auditee, amounts due the
local entities and such disclosures required by state and federal regulations.
(3) The annual financial statements of the state of Louisiana shall be prepared in
accordance with generally accepted accounting principles. The financial statements of
individual state agencies, exclusive of the judiciary, shall be prepared in accordance with
procedures and formats prescribed by the division of administration. The financial
statements of the judiciary shall be prepared in accordance with procedures and formats
prescribed by the Judiciary Budgetary Control Council, provided such procedures and
formats provide for the compilation of the state's annual financial statements.
C. No officer shall destroy any voucher or other paper belonging to his office before
it has been examined by the legislative auditor or certified public accountant authorized to
perform an audit in lieu of the legislative auditor.
D. In addition to furnishing the annual sworn statements under Subsection A of this
Section, all state, municipal, and parochial retirement systems funded in whole or part out
of public funds shall furnish to the legislative auditor, annually, actuarial valuations. Such
actuarial valuations shall be submitted to the legislative auditor between the first and one
hundred and twentieth day following the close of the fiscal year of the retirement system.
E.(1) The annual sworn financial statements required under Subsection A of this
Section shall be furnished to the legislative auditor between the first and ninetieth day
following the close of the accounting year, provided that individual state agencies shall file
annual financial statements within the time frame prescribed by the commissioner of
administration.
(2) At any time after a disaster or emergency is declared under the provisions of R.S.
29:724(B)(1) which prevents a local auditee or quasi-public agency from furnishing sworn
annual financial statements to the legislative auditor within the period prescribed in R.S.
24:514(E)(1), the local auditee or quasi-public agency may ask the legislative auditor in
writing for an extension of time to complete the financial statements. The legislative auditor
may approve the request at his discretion, subject to the approval of the Legislative Audit
Advisory Council.
F.(1) The annual sworn financial statements required under the provisions of this
Section shall not be filed by the reporting agency if the agency has filed an approved
engagement agreement with the legislative auditor within sixty days of the close of the fiscal
year to conduct an audit of its funds by a certified public accountant, the legislative auditor
has approved the terms and conditions of the engagement agreement as authorized by R.S.
24:513, and the engagement agreement includes the period of the required report; provided
however, when such agreement is for multiple fiscal years, financial statements must be
submitted for the interim fiscal year.
(2) At any time after a disaster or emergency is declared under the provisions of R.S.
29:724(B)(1) which prevents a local auditee or quasi-public agency from filing an approved
engagement agreement with the legislative auditor within the period prescribed in R.S.
24:514(F)(1), the local auditee or quasi-public agency may ask the legislative auditor in
writing for an extension of time to file the engagement agreement. The legislative auditor
may approve the request at his discretion, subject to the approval of the Legislative Audit
Advisory Council.
G. The legislative auditor shall use the annual sworn statements and actuarial
valuations provided for herein in connection with the audits, reviews, and valuations which
he is authorized to conduct as provided by R.S. 24:513 and 513.1. If he finds that any
irregularities exist, he shall call them to the attention of those responsible therefor. In case
of any irregularities or defalcations or failure of any officer or employee to comply with the
provisions of this Section, the legislative auditor shall notify the Legislative Audit Advisory
Council.
H. Whenever any person required to make the sworn statement or actuarial valuation
fails to do so or renders an inaccurate, incomplete, or otherwise improper statement or
valuation, the legislative auditor shall have the power to petition directly or through his
authorized representative to the courts for writs of mandamus to compel the filing of the
sworn financial statements or actuarial valuations containing complete and accurate
information. Any failure to obey a writ of mandamus issued by the court may be punished
by the court as a contempt thereof.
I.(1) The annual financial statements of city, parish, and other local public school
boards shall be accompanied by such schedules of performance and statistical data as may
be developed by the legislative auditor and legislative staff, with assistance from the state
Department of Education, and approved by the House Committee on Education and the
Senate Committee on Education. Such performance and statistical data shall be the subject
of assurances provided as part of the financial statement audits of local school boards to
ensure that the information is complete and accurate. The assurances provided on such
performance and statistical data shall be used for reporting to the legislature by the
Department of Education. As an integral part of the legislative auditor's annual audit of the
financial statements of the state of Louisiana, he shall review the Department of Education's
compilation of the performance and statistical data, as reported by the local school boards,
within the annual financial and statistical report of the department.
(2) The annual financial statements of eligible charter schools receiving loans as
provided in R.S. 17:4001 shall be accompanied by a supplemental schedule developed by the
legislative auditor, which shall include but not be limited to the following:
(a) Details on the approved loan, including total amounts of the loan, payments
made, and outstanding balances.
(b) The amount expended on tangible items such as equipment, technology, and
instructional materials.
(c) The amount expended on land acquisition and facility predevelopment and
development costs, including construction hard and soft costs.
(d) The amount expended on facility acquisition, upgrade, repairs, and other eligible
renovations.
(e) The amount expended for any other purposes approved by the division of
administration that are related to the start-up, operation, expansion, or renovation of the
eligible charter school.

Legislative History

Acts 1975, No. 744, §1. Amended by Acts 1979, No. 169, §2; Acts 1980, No. 801, §1; Acts 1981, No. 197, §1; Acts 1981, No. 470, §1; Acts 1982, No. 131, §1; Acts 1985, No. 978, §1; Acts 1991, No. 610, §1, eff. Dec. 31, 1991; Acts 1999, No. 472, §1; Acts 2001, No. 1102, §5; Acts 2005, 1 st Ex. Sess., No. 36, §1, eff. Dec. 6, 2006; Acts 2025, No. 413, §2, eff. June 20, 2025.