(a) As used in these rules: - (i) "AICPA" means the American Institute of Certified Public Accountants;
- (ii) "Bank reconciliation" means a specified procedure to determine if all cash assets shown on the financial records reconcile and agree with the amounts reported by the financial institutions holding such assets;
- (iii) "CPA" means a certified public accountant licensed or authorized to practice in the state of Wyoming;
- (iv) "Department" means the state department of audit;
- (v) "Director" means the director of the state department of audit;
- (vi) "Entity", unless expressly limited in these rules, means and includes any state agency or institution, municipality, incorporated city or town having a population of four thousand (4,000) inhabitants or less, special purpose district, joint powers board or any public administrative body receiving funds from any municipality;
- (vii) "Fiscal year" means the period of twelve consecutive calendar months that the entity has established as its fiscal year, regardless of when such period begins and ends;
- (viii) "Government auditing standards" means the most current standards published by the Comptroller General, United States Government Accountability Office;
- (ix) "Independent auditor" means a certified public accountant that follows the government auditing standards;
- (x) "Independent third party" means a person having a basic understanding of the purpose of the reporting entity and the nature of its business, with sufficient knowledge of bookkeeping or accounting to understand the financial transactions of the entity, but who does not have authority to issue or sign checks or warrants of the entity;
- (xi) Internal control evaluation means and includes:
- (A) A documented analysis of the procedures established by the reporting entity to assure that financial transactions are properly recorded; [For guidance see current updates for the Wyoming Municipal Accounting Handbook and the Wyoming Special District Accounting Handbook available from the department of audit]
- (B) Tests of the system sufficient to determine whether the system, and compliance with its procedures, provides reasonable assurance that the entitys assets are safeguarded and that liabilities are accounted for; to test that public funds are used in accordance with laws, regulations and policies, and that resources are safeguarded against waste, loss or misuse; and that reliable data are obtained, maintained and fairly disclosed in reports, contracts, grant agreements, in internal control; and
- (C) A written report of deficiencies in internal controls that are significant in context to the objectives of the audit.
- (xii) "Municipality" has the same meaning as defined in W.S. 16-4-102(a)(xiv);
- (xiii) "Officer" or "official" means the chief administrative officer of a state institution or state agency, an elected or appointed member of a public board or commission, or the city manager or the mayor or a council member of an incorporated city or town;
- (xiv) "Oversight" means and includes the reports, procedures and processes established by rules and regulations of the department to ensure that the director may comply with the statutory requirement to supervise the financial accounting by public entities in this state;
- (xv) "Revenue" for the purpose of reporting, means and includes all revenues from all outside sources as well as all debt proceeds and grants received during the reporting fiscal year. If the entity normally reports on a cash basis, the report will conform to cash revenues received. If the entity normally reports on an accrual or modified accrual basis the report will be consistent with whichever accounting basis is normally used.
- (xvi) "Review level engagement" and "specified procedures" means a procedure which complies with the AICPA professional standards and also determines that the entity has complied with the following standards:
- (B) The financial statements contain a schedule of state financial assistance as identified by the department of audit, received by the entity, if any;
- (C) Footnotes to financial statements disclose all known commitments as of the date of the balance sheet, including construction commitments;
- (D) A compliance report letter which provides positive assurance on items tested and negative assurance on items not tested, that any board or council is legally constituted; that the treasurer is properly bonded; that the entity has a system of fixed asset inventory; that
the entity has filed all necessary federal payroll tax reports, and Wyoming workers compensation and unemployment insurance reports; that minutes reflect compliance with public meeting requirements; and that no loans or donations have been made to private individuals, associations or corporations; and
- (E) Other procedures which may be required or approved by the director;
- (xvii) "Self audit" means an analysis conducted internally by the entity and certified to by an officer, following procedures established by the entity to verify the correctness of transaction recording and to provide management with reasonable assurance that assets are adequately safeguarded; [For guidance see the current updates for AUDIT PROCEDURES of the Wyoming Special District Accounting Handbook or AUDITS of the Wyoming Municipal Accounting Handbook from the department of audit]
- (xviii) "Wyoming Municipal Accounting Handbook" means the reference and instructional manual published October 30, 1992, as updated by the public funds group, department of audit, state of Wyoming;
- (xix) "Wyoming Special District Accounting Handbook" means the reference and instructional manual published March 17, 1993, as updated by public funds, department of audit, State of Wyoming and contained on its website.