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Iowa State Auditor

New (7/2013) How do we determine whether the separate Municipal Utilities are required to have an audit, an annual examination or a periodic examination?

Separate Municipal Utilities will follow the audit and examination requirements for the City where they are located. For example, separate Municipal Utilities located in a City with a population of 2,000 or more are required to have an annual audit. Separate Municipal Utilities located in a City with a population under 2,000 will be required to have an annual or periodic examination based on the requirement applicable to the City, unless other requirements, such as revenue bond covenants, require the separate Municipal Utilities to be audited.

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