The following definitions describe terms within the context of their application to Municipal Audit Law.
- (1) Agreed-Upon Procedures (AUP): Agreed-upon procedures are a service, an attestation engagement, the objectives of which are to perform specific procedures over a municipality’s operations and compliance, and certain financial statement assertions, and issue a report that describes the procedures applied and the accountant’s findings, without providing an opinion or conclusion. AUP engagements may be performed in conjunction with a compilation of financial statements.
- (2) Financial statements prepared on the cash or modified cash basis of accounting are financial reporting frameworks (special purpose frameworks) other than GAAP and are permitted under municipal audit law.
Statutory/Other Authority
ORS 297.465
Statutes/Other Implemented
ORS 297.465
History
AUDIT 1-2023, amend filed 10/31/2023, effective 01/01/2024
AUDIT 3-2015, f. & cert. ef. 8-19-15
AUDIT 1-2012, f. 2-9-12, cert. ef. 4-1-12
Renumbered from 162-040-0000 by AUDIT 2-2010, f. 3-23-10, cert. ef. 4-1-10
AUDIT 2-2007, f. 6-7-07, cert. ef. 6-30-07
DOA 1-1996, f. 4-10-96, cert. ef. 6-1-96
DOA 2-1991, f. 3-8-91, cert. ef. 7-1-91, Renumbered from 165-040-0000
SD 6-1981, f. & ef. 9-1-81