Each South Dakota public school district is required to be audited. The frequency of an audit is a local school board decision, however a district must be audited in accordance with South Dakota statutes at least every two years.
SDCL 4-11-7.1. A school district shall have financial and compliance audits performed at least every two years. The audits shall be performed in accordance with generally accepted governmental auditing standards. The audits may be done by the Department of Legislative Audit or by a private firm authorized by law to audit the financial records of school districts.
A school district that expends $750,000 or more in federal awards during a fiscal year must be audited in accordance with 2 C.F.R. Part 200—Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
2 C.F.R. Part 200 Subpart F—Audit Requirements