W. Va. Code R. § 148-18-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 148-18-4 - Audit Reports for Funds

4.1. In lieu of the required report, the grantee may submit an audit performed by an independent CPA that complies with the Office of Management and Budget=s (OMB) Circular A-133 (Audits of States, Local Governments and Non-Profit Organizations) which includes a schedule of state grant receipts and expenditures and a related auditor=s opinion on whether the schedule is fairly stated in relation to the financial statements taken as a whole.

4.2. In lieu of the required report, the grantee may submit a financial audit, performed by an independent CPA, which complies with Government Auditing Standards issued by the Comptroller General of the United States if the audit includes a schedule of state grant receipts and expenditures and a related auditor=s opinion on whether the schedule is fairly stated in relation to the financial statements taken as a whole.

4.3. Any independent audit report prepared in accordance with Government Auditing Standards or OMB Circular A-133 and submitted before the effective date of this rule shall be considered acceptable in its current form only if it otherwise complies with the provisions of the W. Va. Code '12-4-14.

4.4. All audit work papers shall be retained by the independent certified public accountant performing such audit for a period of five (5) years following the date of issuance of the audit report.

W. Va. Code R. § 148-18-4