SF 608 audit for grain elevators, granted compliance extension

New audit requirement for grain elevators receives updated implementation guide

The new Iowa law Senate File 608, modernizing the state's Grain Depositors and Sellers Indemnity Fund has led to some scrambling by businesses and CPAs to meet new audit requirements. ISCPA has been working with other concerned entities to help share the implications of the new requirements (especially the short deadlines) with government officials. The Iowa Department of Agriculture and Land Stewardship (IDALS) has finalized administrative rules to implement the law, which are now in effect. The new rules include implementation timelines for the audit requirements, including a 12-month extension to submit audited financials as long as they meet stated conditions:

1. Limited Due Date Extension for Audit Requirements: From July 1, 2025, to June 30, 2026, grain dealers who are unable to timely submit financial statements that include an unqualified audit opinion may request a 12-month extension. To qualify, they must provide a reviewed financial statement from an Iowa CPA and an affidavit affirming financial compliance or intent to file a supplemental bond. During the extension, dealers must submit monthly financials to IDALS. This extension is only allowed during the transition period and will not be available after June 30, 2026, unless the law is changed. 

Please note, this 12-month extension is meant to give grain dealers additional time to get an audit completed, it does not push out the audit requirement.