1. A. The audit of each public school shall be made in accordance with generally accepted auditing standards as defined by the American Institute of Certified Public Accountants and shall comply with the most recent Government Auditing Standards issued by the United States Government Accountability Office, except in those instances in which such standards are in violation of the laws of the State of Oklahoma or the rules and regulations of the State Board of Education.
2. B. All accountants or partnerships of accountants, before entering into audit contracts required under this article, shall satisfy the State Board of Education that such accountant or at least one partner of a partnership of accountants is a resident of the State of Oklahoma with at least two (2) years of public accounting experience and is currently maintaining an office in the State of Oklahoma. Any certified public accountant who is also an attorney licensed to practice law in the state and has engaged in the private practice of law for at least two (2) years shall be deemed to meet the experience requirement of this section.
3. C. Accountants or partnerships of accountants shall submit their application with the most recent peer review and any letter of comment for approval or disapproval by the State Board of Education for the current audit year on or before the first day of January of each calendar year. If and when the State of Oklahoma requires all auditors to be licensed by the Oklahoma Accountancy Board, each accountant or partnership of accountants shall also satisfy the State Board of Education that such accountants or partnership of accountants has been so licensed and is held in good standing by the Oklahoma Accountancy Board during the period in which the audit was conducted before being placed on the list of approved school auditors. Provided, that any accountant approved prior to the requirement of such license and who is still in good standing with the State Board of Education shall continue to be eligible for approval and inclusion on the list of approved auditors.
4. D. All accountants or partnerships of accountants entering into audit contracts required under this article shall carry a minimum of Two Hundred Fifty Thousand Dollars ($250,000.00) accountants' professional liability insurance or the total amount of the budget being audited, whichever is less.

Amended by Laws 1986, SB 505, c. 32, § 1, emerg. eff. March 21, 1986; Amended by Laws 1986, SB 426, c. 259, § 60, emerg. eff. July 1, 1986; Amended by Laws 2005, SB 668, c. 472, § 15, emerg. eff. July 1, 2005 (superseded document available).