Utah Code 51-2a-201. Accounting reports required

51-2a-201. Accounting reports required.

(1)	The governing board of an entity whose revenues or expenditures of all funds is $1,000,000 or more shall cause an audit to be made of its accounts by a competent certified public accountant.

Terms Used In Utah Code 51-2a-201

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

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 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
(2)	The governing board of an entity whose revenues or expenditures of all funds is less than $1,000,000 shall cause a financial report to be made in the manner prescribed by the state auditor.

Amended by Chapter 11, 2017 General Session

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