Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0005 - Public Funds › Chapter 1 - AUTHORITY, SCOPE, DEFINITIONS (FINANCIAL REPORTS FOR ALL PUBLIC FUNDS) › Section 1-4 - Definitions

Current through July 13, 2024
As used in the Department of Audit, Public Funds
				  rules:
(a) "AICPA" means the American
				Institute of Certified Public Accountants;
(b) "Annual Report Summary" means the
				checklist on the Department of Audit, Public Funds website which requires
				certification by two authorized representatives of the entity. The checklist
				shall contain a certification statement. The authorized representatives shall
				verify under oath the information contained in the report, as well as the
				census report are a true, accurate, and complete presentation of the financial
				activities of the reporting entity. All entities required to submit a census
				report form to the Department are required to certify their submission with the
				annual report summary;
(c) "Audit"
				means an examination performed under the requirements of state statutes,
				Government Auditing Standards, or standards established by the AICPA;
(d) "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;
(e) "CPA"
				means a certified public accountant licensed or authorized to practice in the
				state of Wyoming;
(f) "Department"
				means the state Department of Audit;
(g) "Director" means the Director of the
				state Department of Audit;
(h)
				"Electronic Budget Form" means the form and instructions used to complete
				reporting as required by
				W.S.
				9-1-507(a)(viii). The
				electronic budget form is available on the Department of Audit, Public Funds
				website;
(i) "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;
(j) "Fiscal year"
				means the period beginning July 1 and ending June 30;
(k) "Government auditing standards" means the
				most current standards published by the Comptroller General, United States
				Government Accountability Office;
(l) "Independent auditor" means a CPA who
				follows the government auditing standards;
(m) "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;
(n) "Internal control evaluation" means and
				includes:
(i) A documented analysis of the
				procedures established by the reporting entity to assure that financial
				transactions are properly recorded;
(ii) Tests of the system sufficient to
				determine whether the system, and compliance with its procedures, provides
				reasonable assurance that the entity's 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;
(iii) A written report of
				deficiencies in internal controls that are significant in context to the
				objectives of the audit;
(iv) For
				the internal control self-evaluation of those entities not required to have an
				independent audit or review, the Internal Control Evaluation Worksheet as
				provided by the Department and updated on an annual basis, may be used to
				fulfill this requirement.