Utah Code 51-2a-202. Reporting requirements

51-2a-202. Reporting requirements.

(1)

The governing board of each entity required to have an audit, review, compilation, or fiscal report shall ensure that the audit, review, compilation, or fiscal report is:

Terms Used In Utah Code 51-2a-202

Audit: means an examination that:

(a)	is performed in accordance with generally accepted government auditing standards, or for a nonprofit corporation or a governmental nonprofit corporation, in accordance with generally accepted auditing standards; and

(b)

conforms to the uniform classification of accounts established or approved by the state auditor or any other classification of accounts established by any federal government agency. See Utah Code 51-2a-102

Compilation: means information presented in the form of financial statements presented in conformity with generally accepted accounting principles that are the representation of management without the accountant undertaking to express any assurances on the statements. See Utah Code 51-2a-102

Fiscal report: means providing information detailing revenues and expenditures of all funds in a format prescribed by the state auditor. See Utah Code 51-2a-102

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

Governing board: means :

(a)	the governing board of each political subdivision;

(b)	the governing board of each interlocal organization having the power to tax or to expend public funds;

(c)	the governing board of any local mental health authority established under the authority of Title 26B, Chapter 5, Health Care - Substance Use and Mental Health;

(d)	the governing board of any substance abuse authority established under the authority of Title 26B, Chapter 5, Health Care - Substance Use and Mental Health;

(e)	the governing board of any area agency established under the authority of 1;

(f)

the board of directors of any nonprofit corporation that receives an amount of money requiring an accounting report under Section 51-2a-201. See Utah Code 51-2a-102

Review: means performing inquiry and analytical procedures that provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with generally accepted accounting principles. See Utah Code 51-2a-102

State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

(a)

made at least annually; and

(b)	filed with the state auditor within six months of the close of the fiscal year of the entity.

(2)	If the political subdivision, interlocal organization, or other local entity receives federal funding, the audit, review, or compilation shall be performed in accordance with both federal and state auditing requirements.

Amended by Chapter 479, 2019 General Session

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