Section R123-5-3 - Reporting Standards and Requirements1. 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, andc. 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.Utah Admin. Code R123-5-3
Amended by Utah State Bulletin Number 2017-22, effective 11/1/2017Amended by Utah State Bulletin Number 2019-23, effective 11/7/2019