Utah Administrative Code
Topic - Auditor
Title R123 - Administration
Rule R123-5 - Requirements for Accounting Services of Political Subdivisions and Governmental Nonprofit Corporations
Section R123-5-3 - Reporting Standards and Requirements

Universal Citation: UT Admin Code R 123-5-3

Current through Bulletin 2024-06, March 15, 2024

1. The audits of all entities required to have an audit made by Section 51-2a-201 shall be performed in accordance with Government Auditing Standards most recently published and issued by the Comptroller General of the United States.

2. The Office shall adopt and maintain a compliance audit guide containing those fiscal laws and compliance requirements for state funds distributed to, and expended by, political subdivisions and governmental nonprofit corporations. This compliance audit guide may specify:

a. the general compliance requirements applicable to all political subdivisions and governmental nonprofit corporations, and the audit requirements applicable to general compliance requirements,

b. the format for the auditor's statement expressing positive assurance with state fiscal laws identified by the Office, and

c. those items related to internal controls and other financial issues which shall be included in the auditor's letter to management that must be filed with the Independent Auditor's Report in accordance with the compliance audit guide maintained by the Office.

3. All entities required to have an audit made by Section 51-2a-201 shall have performed the financial audit and a state compliance audit in accordance with the compliance audit guide maintained by the Office.

4 . The guidelines, criteria, procedures, and reporting requirements for all accounting and compliance reports required to be submitted to the Office are posted on the Office's website.

Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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