Local government agencies and quasi-public organizations (
local auditees 
) in Louisiana are required to provide an annual financial report to the Louisiana Legislative Auditor (LLA). The type of report is generally governed by the
audit law (
Louisiana Revised Statutes (R.S.) 24:513 and
24:514), and is based on the amount of revenues and other sources the local auditee receives:
| Amount of revenues and other sources | Type of report provided |
| $500,000 and over | Audit |
| $200,000 - $499,999 | Review/attestation |
| $75,001 - $199,999 | Compilation |
| $75,000 and under | Sworn financial statements |
See also
What Kind of Report Does My Agency Need to Provide To the Legislative Auditor?
There is, however, a separate and specific reporting requirement in
R.S. 40:514 for local housing authorities:
The financial statements contained in annual reports of local housing authorities with gross revenues of two hundred fifty thousand dollars or more shall be audited annually. Such financial statements of authorities with gross revenues of less than two hundred fifty thousand dollars shall be audited at least biennially.
LLA has determined that it is in the best interest of the public to enforce the more stringent reporting requirement for housing authorities that is found in
R.S. 40:514:
| Amount of revenues and other sources | Type of report provided |
| $250,000 and over | Annual audit |
| Less than $250,000 | Biennial audit |
Therefore –
Ø Housing authorities that receive $250,000 or more in revenues and other sources during a fiscal year must provide an annual audit to LLA.
Ø Housing authorities that receive less than $250,000 in revenues and other sources during a fiscal year must provide a biennial audit to LLA. A biennial audit is performed every other year and covers the prior two years of the housing authority's financial activity. In the year that is not audited, the housing authority must provide a report to LLA that is commensurate with R.S. 24:513 (see the first table above) – a review/attestation report, a compilation report, or sworn financial statements.
This reporting requirement for housing authorities is effective for fiscal years ending on or after June 30, 2017.
QUESTIONS:
Q. I am the executive director of a housing authority that receives $190,000 annually. Therefore, we must provide for a biennial audit every other year, and a compilation report in the year we are not audited. How will we know which years we will need to provide for an audit and which years we will need to provide for a compilation?
A. LLA will send you annual enforcement correspondence regarding the housing authority’s reporting requirement for the specific year. You will need to read the correspondence and respond to it appropriately. See
What Should I Do When My Agency Receives Correspondence From the Legislative Auditor?
Q. What kind of report is a housing authority required to provide if its revenues exceed $250,000 one year and are less than $250,000 the next year?
A. Call LLA staff for guidance.
Q. I am the executive director of a housing authority that must provide for a biennial audit every other year, and a review/attestation report in the year we are not audited. I would prefer that we provide for an audit every year. May we do this?
A. Yes, this is acceptable under the law. We recommend that you
call LLA staff so that we may update our records about the type of report your housing authority will provide.
Q. What authority allows LLA to require housing authorities to report in a manner that is over and above what is required by the audit law?
A. LLA has been given broad authority in
the audit law (
R.S. 24:513 A. (6)) to prescribe the terms and conditions of the engagements of local auditees; including the form and contents of the reports that it receives. LLA decided to enforce the more stringent reporting requirement for housing authorities found in
R.S. 40:514 rather than the reporting requirement in the audit law because LLA determined that to do so was in the best interest of the public.