Or. Admin. Code § 162-040-0002

Current through Register Vol. 63, No. 11, November 1, 2024

Section 162-040-0002 - Definitions

The following definitions describe terms within the context of their application to Municipal Audit Law.

Review: A review is a service, the objective of which is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with the applicable financial reporting framework. In a review engagement, the accountant should accumulate evidence to obtain a limited level of assurance. Financial statements prepared on the cash or modified cash basis of accounting are financial reporting frameworks (special purpose frameworks) other than GAAP and are permitted under municipal audit law.

SD 6-1981, f. & ef. 9-1-81; DOA 2-1991, f. 3-8-91, cert. ef. 7-1-91, Renumbered from 165-040-0000; DOA 1-1996, f. 4-10-96, cert. ef. 6-1-96; AUDIT 2-2007, f. 6-7-07, cert. ef. 6-30-07; Renumbered from 162-040-0000 by AUDIT 2-2010, f. 3-23-10, cert. ef. 4-1-10; AUDIT 1-2012, f. 2-9-12, cert. ef. 4-1-12;AUDIT 3-2015, f. & cert. ef. 8/19/2015; AUDIT 1-2023, amend filed 10/31/2023, effective 1/1/2024

Statutory/Other Authority: ORS 297.465

Statutes/Other Implemented: ORS 297.465