Nebraska Administrative Code
Topic - EDUCATION, DEPARTMENT OF
Title 92 - NEBRASKA DEPARTMENT OF EDUCATION
Chapter 1 - RULES AND REGULATIONS GOVERNING THE AUDIT OF NEBRASKA PUBLIC SCHOOL DISTRICTS
Section 92-1-002 - Definitions
Current through March 20, 2024
As used in these rules and regulations, unless the context otherwise clearly requires, the following definitions shall prevail.
002.01 Audit shall mean examining, on a test basis, evidence supporting the assertions of management as to the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used, as well as evaluating the overall financial statement presentation.
002.02 Auditor shall mean a person who has an active permit from the Nebraska State Board of Public Accountancy, to engage in the practice of public accounting, either as a certified public accountant or as a public accountant, who is independent (see Appendix C, a copy of which is on file at the Nebraska Department of Education's central office in Lincoln) with respect to the school district and its board of education. Person shall include a corporation, partnership, or other form of organization which has an active permit to engage in the practice of public accounting.
002.03 Financial (Audit) Report shall mean and include the independent auditor's report and financial statements prepared in conformity with accounting principles generally accepted in the United States of America (Appendix D, a copy of which is on file at the Nebraska Department of Education's central office in Lincoln) or another comprehensive basis of accounting which may include the use of the cash or modified accrual basis accounting.
002.04 Federal Award shall mean Federal financial assistance and Federal cost reimbursement contracts that non-Federal entities receive directly from Federal awarding agencies or indirectly from pass-through entities. It does not include procurement contracts, under grants or contracts, used to buy goods or services from vendors. Any audits of such vendors shall be covered by the terms and conditions of the contract. Contracts to operate Federal Government owned, contractor operated facilities (GOCOs) are excluded from the requirements of this part (Appendix A, a copy of which is on file at the Nebraska Department of Education's central office in Lincoln.
002.05 Fiscal Year shall mean the annual period which commences on September 1, in one calendar year, and ends on August 31, in the following calendar year.
002.06 School District Finance Records subject to audit shall mean and include records of all funds and transactions of each fund maintained or required to be maintained by the school district.
