True or False: "Each municipality in South Carolina must meet three main requirements regarding municipal audits: Municipalities must have an annual external audit, audits must be made public and audit contracts cannot extend beyond four years."
An annual audit is required by state law. An audit is an independent assessment of a municipality's financial statements to reasonably ensure they are materially correct. An audit also assesses the effectiveness of internal controls, or policies and procedures, which minimize the risk of fraud. Although an audit contract can be renewed, the contract cannot be for more than four years at a time.
The Municipal Elected Officials Institute of Government offers in-person and online courses. Elected officials who complete all of the required coursework graduate from the institute and are eligible to participate in the Advanced Institute. The next in-person courses, held February 6, will be MEO Sessions A and B. The next Advanced MEO Institute sessions also on February 6 will be "Advanced Municipal Economic Development" and "Public Safety Policy and Administration."