PUBLIC FINANCE ACCOUNTABILITY ACT

Added a new definition for 'independent auditor' to clarify that auditors must be certified or chartered and approved by the state auditor to ensure impartiality.

Updated eligibility criteria to require grantees to have completed annual audits from the most recent two fiscal years, with specific provisions for addressing material weaknesses or significant deficiencies.

Added new requirements for state agencies to independently confirm that dispositions of capital assets comply with applicable law and that grantees receive adequate consideration.

Added a force majeure provision allowing temporary waivers of strict compliance requirements under extraordinary circumstances like natural disasters or pandemics, provided adequate alternatives exist to protect public funds.

Modified grant management requirements to include field audits of capital outlay projects on a statistical or stratified basis, conducted in accordance with department-prescribed procedures.

Established a formal appeal process allowing grantees to challenge decisions requiring fiscal agents, with a requirement for the chief financial officer to review and document findings within one week.