Sec. 5.
(1) A local unit having a population of less than 4,000 shall obtain an audit of its financial records, accounts, and procedures not less frequently than biennially. However, if any audit under this subsection discloses a material deviation by the local unit from generally accepted accounting practices or from applicable rules and regulations of a state department or agency or discloses any fiscal irregularity, defalcation, misfeasance, nonfeasance, or malfeasance, the department of treasury may require an audit to be conducted in the next year.
(2) A local unit having a population of 4,000 or more shall obtain an annual audit of its financial records, accounts, and procedures.
History: 1968, Act 2, Imd. Eff. Feb. 20, 1968 ;-- Am. 1996, Act 146, Imd. Eff. Mar. 25, 1996
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 2 of 1968 - Uniform Budgeting and Accounting Act (141.421 - 141.440a)
Section 141.421a - Short Title.
Section 141.422 - Meanings of Words and Phrases.
Section 141.422a - Definitions; A, B.
Section 141.422b - Definitions; B to D.
Section 141.422c - Definitions; E to G.
Section 141.422d - Definitions; D to S.
Section 141.423 - Publication; Hearings.
Section 141.425 - Local Units; Audits.
Section 141.426 - Certified Public Accountants; Cost.
Section 141.428 - Contents of Audit Report.
Section 141.429 - Public Inspection of Audit Reports.
Section 141.430 - Orders and Subpoenas.
Section 141.431 - Violations of Act.
Section 141.432 - Verification of Transactions.
Section 141.433a - Energy Conservation Improvements.
Section 141.435 - Recommended Budget; Contents; Limitation on Total Estimated Expenditures.
Section 141.437 - General Appropriations Act; Amendment; Reports; Recommendations.
Section 141.439 - Expenditure of Funds; Transfers Within Appropriations.
Section 141.440a - Manuals, Forms, and Operating Procedures; Training and Educational Programs.