Delaware Audit / VDA Bill Signed by the Governor

Earlier this month, we mentioned the legislative approval of Delaware Senate Bill 141. The bill has now been signed by the Governor and enacted into law.  As noted earlier, the legislation extends voluntary disclosure program run by the Secretary of State, and implements some new audit practices, including:

• limiting the lookback period for audits already underway to January 1, 1986;
• limiting the lookback period for new audits to January 1, 1991; and
• beginning in 2017, limiting the lookback period for new audits to 22 years.