§ 1773.2 Definitions. As used in this part: *2 CFR part 200, subpart F* means 2 CFR part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, subpart F, Audit Requirements, as adopted by USDA in 2 CFR part 400.
*Administrator* means the Administrator of RUS.
*Affiliated company* means a company that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the auditee.
*Agency designated system* means the electronic system designated by the Agency for awardees to upload audit documents.
*AICPA* means the American Institute of Certified Public Accountants.
*ASC* means the Accounting Standards Codification issued by the Financial Accounting Standards Board.
*Audit* means an examination of financial statements by an independent auditor for the purpose of expressing an opinion on the fairness with which those statements present financial position, results of operations, and changes in cash flows in accordance with U.S. generally accepted accounting principles (GAAP) and for determining whether the auditee has complied with applicable laws, regulations, and provisions of contracts or grant agreements that could have a material effect on the financial statements.
*Audit date* means the “as of” date established by the auditee.
*Audit documentation* has the same meaning as defined in the AICPA's professional auditing standards.
*Auditee* means a RUS awardee that is required to submit an annual audit as a condition of the award.
*Auditor* means government auditors as well as certified public accounting firms that perform audits using generally accepted government auditing standards (GAGAS).
*Awardee* means an entity that has an outstanding RUS or Federal Financing Bank (FFB) loan or loan guarantee and/or a continuing responsibility under a grant agreement with RUS.
*CPA* means a Certified Public Accountant.
*FASB* means Financial Accounting Standards Board.
*FFB* means the Federal Financing Bank, a body corporate and instrumentality of the United States of America under the general supervision of the Secretary of the Department of the Treasury.
*Financial statements* mean the comparative balance sheets, statements of revenue and patronage capital (or statement of operations customary to the type of entity reporting) and statements of cash flows.
*Fraud* has the same meaning as defined in the AICPA's professional auditing standards.
*GAAP* has the same meaning as defined in accounting standards issued by the Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB).
*GAGAS* means generally accepted government auditing standards as set forth in Government Auditing Standards, issued by the Comptroller General of the United States, Government Accountability Office.
*GAO* means the United States Government Accountability Office.
*GASB* means Government Accounting Standards Board.
*Governance board* means the auditee's board of directors, managing members, or other official body charged with governance.
*Illegal act* has the same meaning as defined by the Public Company Accounting Oversight Board.
*Material weakness* has the same meaning as defined in the AICPA's professional auditing standards.
*OIG* means the Office of the Inspector General, United States Department of Agriculture.
*OMB* means The Office of Management and Budget.
*Peer review* means an approved study, appraisal, or review of one or more aspects of the accounting and auditing practice, not subject to Public Company Accounting Oversight Board permanent inspection, performed once every three years by a CPA firm that is not affiliated with the auditor.
*Regulatory asset* means an asset resulting from an action of a regulator as defined by FASB.
*Regulatory liability* means a liability imposed on a regulated enterprise when there is an enforceable present obligation to deduct an amount in determining the regulated rate to be charged to customers in future periods.
*Related party* has the same meaning as defined by FASB and GASB.
*Reporting package* means: ( 1 ) The auditor's report on the financial statements;
( 2 ) The reports on internal control; compliance with provisions of laws, regulations, contracts, and grant agreements; and instances of fraud;
( 3 ) A complete set of financial statements;
( 4 ) The schedule of findings and recommendations; and
( 5 ) All supplemental schedules and information required by this part.
*RUS* means the Rural Utilities Service, an agency of the United States Department of Agriculture. Contact information for RUS can be found at RUS Program Accounting Services Division Rural Development (*usda.gov*).
*RUS security agreement* means a loan contract, grant agreement, mortgage, security agreement, or other form of agreement that governs the terms and conditions of, or provides security for, loan and/or grant funds provided by RUS to the auditee.
*Significant deficiency* has the same meaning as defined in the AICPA's professional auditing standards.
*Single Audit Act* means Single Audit Act of 1984 (31 U.S.C. 7501 *et seq.*) as implemented by 2 CFR part 200, subpart F.
*State* means any state or territory of the United States, or the District of Columbia.
*Uniform System of Accounts* means, for telecommunications awardees, as contained in 7 CFR part 1770, subpart B, and for electric awardees, as contained in 7 CFR part 1767, subpart B.
[83 FR 19907, May 7, 2018, as amended at 88 FR 7562, Feb. 6, 2023]