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, 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. 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. Accountants or partnerships of accountants shall make application for approval by the State Board of Education for the ensuing year on or before the first day of March of each calendar year. If and when the State of Oklahoma requires all auditors to be licensed by the State Board of Accountancy, 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 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. Provided, further, that any person who was eligible to be approved as an auditor as of July 1, 1967, shall have until July 1, 1978, to make application to the State Board of Education and upon proof of the fulfillment of the requirements provided for herein may be approved to be placed on the list of school auditors. Provided, further, that 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. Any such policy may exclude from coverage the first Five Thousand Dollars ($5,000.00) of any loss incurred. Provided further that national accounting firms having twenty-five or more offices throughout the fifty states may, by reason of their size and diversification, purchase insurance with a deductible provision in excess of Five Thousand Dollars ($5,000.00) and shall not be excluded solely because of such provision. Such exclusion shall not, however, be so construed as to relieve the person on whom such insurance is written from liability.

Amended by Laws 1986, SB 505, c. 32, § 1, emerg. eff. March 21, 1986; Amended by Laws 1986, SB 426, c. 259, § 60, operative July 1, 1986.