What are the audit requirements for special districts?
Special districts must have an annual audit under Minn. Stat. § 6.756, subd. 2 if total revenues exceed the annual audit threshold and if they are not subject to financial auditing and reporting requirements under any other law.
Special districts must have an Agreed-Upon Procedures engagement once in every five-year period under Minn. Stat. § 6.756, subd. 2 if total revenues are equal to or less than the annual audit threshold and if they are not subject to financial auditing and reporting requirements under any other law. Note: Consult with the special district or its legal advisor to determine whether the special district is subject to financial auditing and reporting requirements under another law. For example, Minn. Stat. § 103D.355 requires each watershed district to have an annual audit.