R123-5-3. Audit Standards and Requirements

  1. The audits of all entities required to have an audit made by Section 51-2a-201 shall be performed in accordance with Government Auditing Standards most recently published and issued by the Comptroller General of the United States.

  2. The State Auditor shall adopt and maintain a compliance audit guide containing those fiscal laws and compliance requirements for state funds distributed to, and expended by, political subdivisions and governmental nonprofit corporations. This compliance audit guide may specify:

  a. the general compliance requirements applicable to all political subdivisions and governmental nonprofit corporations, and the audit requirements applicable to general compliance requirements,

  b. the format for the auditor's statement expressing positive assurance with state fiscal laws identified by the State Auditor, and

  c. those items related to internal controls and other financial issues which shall be included in the auditor's letter to management that must be filed with the Independent Auditor's Report in accordance with the State Compliance Audit Guide.

  3. The audits of all entities required to have an audit made by Section 51-2a-201 shall be performed in accordance with the compliance audit guide maintained by the State Auditor.