Statutes, codes, and regulations
Wyoming Administrative Code
Agency 021 - Audit, Dept. ofSubagency 0005 - Public Funds
Chapter 4 - SPECIAL DISTRICTS FINANCIAL REPORTING GENERAL
Section 4-12 - Levels of Risk Assessment

021-4 Wyo. Code R. § 4-12

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Current through April 27, 2019
Section 4-12 - Levels of Risk Assessment

(a) Using the required reports as a basis for assessment and depending upon the higher of the total revenues received, or expenditures made, by the district during the fiscal year under review subject to the limitations set forth in W.S. 9-1-507(a)(iii) (A-D), there shall be a total of five levels for special districts. There are three levels with oversight prescribed in the statutes and two additional levels between $100,000 and $1,000,000 for special districts, with oversight as defined in these rules. The complete list is as follows:

  • (i) Level A - $1,000,000 and over.
  • (ii) Level B - $500,000 to $999,999.99.
  • (iii) Level C - $100,000 to $499,999.99.
  • (iv) Level D - $25,000.01 to $99,999.99.
  • (v) Level E - $25,000 or less.

(b) Level A is the highest risk assessment level and requires the highest level of supervision and oversight. Level E is the lowest level of risk assessment and requires the lowest level of supervision and oversight.

(c) Federal and state grants shall be included in revenues for the fiscal year in which the grant is received, for purposes of determining the assessed level of risk.

(d) An entity classified at Level A shall have a CPA audit in accordance with Government Auditing Standards.

(e) An entity classified at Level B shall have a review level engagement, or a higher level of audit service, such as an audit, at the special districts option, and the following additional procedures.

  • (i) The notes shall disclose any failure to comply with state statutes requiring documentation of a depository relationship between the entity and any depository; and
  • (ii) Other procedures which may be required or approved by the Director and are identified prior to the commencement of the engagement.

(f) An entity classified at Level C shall have a self-audit, a proof of cash, and an annual report summary and shall submit them to the Director.

(g) An entity classified at Level D shall have a proof of cash and an annual report summary and shall submit them to the Director.

(h) An entity classified as Level E shall only be required to provide the census report as described in section 8.

021-4 Wyo. Code R. § 4-12

Amended, Eff. 3/20/2018.