Chapter 1. APPLICABILITY DECISION TREE: DETERMINING WHETHER AN ENTITY A FINANCIAL AUDIT AND A STATE COMPLIANCE AUDIT, OR AN AGREED-UPON PROCEDURES ENGAGEMENT Is the entity a county, a municipality, a or special service district, or an interlocal agreement entity? Yes Continue to #3 below No Nonoperating charter schools continue to #5 below. – – All others continue to #2 below. Is the entity a school district or an operating charter school (including organized as nonprofits)? Yes Stop! Both a financial and a No Neither an agreed-upon procedures engagement, – – state compliance audit are required a financial audit, nor a state compliance audit are required to be performed and submitted to the by the State of Utah.* Nonprofit Organizations (other Office of the Utah State Auditor than charter schools) are subject instead to reporting (OSA). requirements under UCA 51-2a-201.5 (see for applicable reporting requirements). Are total annual revenues or expenditures of all funds less than $750,000? Yes Continue No Stop! Both a financial audit and a state compliance – – audit are required to be performed and submitted to the OSA. Are annual revenues or expenditures of all funds greater than $350,000? Yes Continue No Stop! Neither an agreed-upon procedures – – engagement, a financial audit, nor a state compliance audit are required by the State of Utah.* However, the entity must complete: OSA Self-Evaluation Form, and OSA Small Financial Survey at Are either a financial audit or a state compliance audit required by an external party (i.e. bond/debt covenants)? Yes Stop! Both a financial No Stop! An agreed-upon procedures engagement is – – and a state compliance audit are required.* Also, the entity must complete the OSA Financial required to be performed and Survey at . A nonoperating charter school may NOTE: submitted to the OSA. submit an AFR in place of the OSA Financial Survey. * An entity may decide to have a financial audit and a state compliance audit even if not required as outlined above. If an audit is performed, the state compliance audit is also required. A COMPLETE LIST OF THE CURRENT REPORTING REQUIREMENTS CAN BE FOUND ON THE OSA WEBSITE AT: ENTITIES REQUIRED TO HAVE AN AGREED-UPON PROCEDURES ENGAGEMENT
Chapter 1. APPLICABILITY DECISION TREE: DETERMINING WHETHER AN ENTITY A FINANCIAL AUDIT AND A STATE COMPLIANCE AUDIT, OR AN AGREED-UPON PROCEDURES ENGAGEMENT Is the entity a county, a municipality, a or special service district, or an interlocal agreement entity? Yes – Continue to #3 below No – Nonoperating charter schools continue to #5 below. All others continue to #2 below. Is the entity a school district or an operating charter school (including organized as nonprofits)? Yes – Stop! Both a financial and a state compliance audit are required to be performed and submitted to the Office of the Utah State Auditor (OSA). No – Neither an agreed-upon procedures engagement, a financial audit, nor a state compliance audit are required by the State of Utah.* Nonprofit Organizations (other than charter schools) are subject instead to reporting requirements under UCA 51-2a-201.5 (see for applicable reporting requirements). Are total annual revenues or expenditures of all funds less than $750,000? Yes – Continue No – Stop! Both a financial audit and a state compliance audit are required to be performed and submitted to the OSA. Are annual revenues or expenditures of all funds greater than $350,000? Yes – Continue No – Stop! Neither an agreed-upon procedures engagement, a financial audit, nor a state compliance audit are required by the State of Utah.* However, the entity must complete: OSA Self-Evaluation Form, and OSA Small Financial Survey at Are either a financial audit or a state compliance audit required by an external party (i.e. bond/debt covenants)? Yes – Stop! Both a financial and a state compliance audit are required to be performed and submitted to the OSA. No – Stop! An agreed-upon procedures engagement is required.* Also, the entity must complete the OSA Financial Survey at . NOTE: A nonoperating charter school may submit an AFR in place of the OSA Financial Survey. * An entity may decide to have a financial audit and a state compliance audit even if not required as outlined above. If an audit is performed, the state compliance audit is also required. A COMPLETE LIST OF THE CURRENT REPORTING REQUIREMENTS CAN BE FOUND ON THE OSA WEBSITE AT: ENTITIES REQUIRED TO HAVE AN AGREED-UPON PROCEDURES ENGAGEMENT
2016-Guide-for-AUP-for-Local-Govs.docx