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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-7-65 SO AS TO PROVIDE THAT THE STATE AUDITOR SHALL APPROVE ANY AUDITOR OR AUDITING FIRM ENGAGED BY A COUNTY, MUNICIPALITY, SCHOOL DISTRICT, OR OTHER POLITICAL SUBDIVISION OF THIS STATE TO PERFORM AN ANNUAL OR OTHER AUDIT OF THAT ENTITY AS TO THE AUDITOR'S PROFESSIONAL COMPETENCE AND INDEPENDENCE FROM THE ENTITY BEFORE THAT AUDITOR OR AUDITING FIRM MAY UNDERTAKE THE AUDIT, AND TO PROVIDE THAT IN MAKING THIS DETERMINATION, THE STATE AUDITOR SHALL INSURE THAT AUDITS OF ANY PARTICULAR ENTITY HAVE BEEN SYSTEMATICALLY ROTATED AMONG AUDITORS AND AUDITING FIRMS QUALIFIED AND AVAILABLE TO PERFORM THE AUDITS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 7, Title 11 of the 1976 Code is amended by adding:
"Section 11-7-65. The State Auditor shall approve any auditor or auditing firm engaged by a county, municipality, school district, or other political subdivision of this State to perform an annual or other audit of that entity as to the auditor's professional competence and independence from the entity before that auditor or auditing firm may undertake the audit. In making this determination, the State Auditor shall insure that audits of any particular entity have been systematically rotated among auditors and auditing firms qualified and available to perform the audits."
SECTION 2. This act takes effect upon approval by the Governor.
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