Wyo. Code R. 021-0005-3
Effective Date: 09/04/2007 to UNKNOWN
Rule Type: Superceded Rules & Regulations
Reference Number: 021.0005.3.09042007
Section 1. Application. The rules for reporting under Article 3 of this Chapter apply to those entities described in W.S. 9-1-507 (a)(iii).
Section 2. Risk assessment. The entities required to report under this Article shall be classified according to their relative risk assessment. The level of risk assessment shall be determined by the total revenues received by the entity in a fiscal year, or the total expenditures, if greater. The level of risk assessment shall determine the type of oversight or supervision required of the entity, unless special audit requirements imposed by other state or federal laws, rules, regulations, contracts or agreements require a different type or level of oversight or supervision. The level of risk assessment for each entity shall be determined each fiscal year.
Section 3. Levels of risk assessment. (a) Using the reports required under Article 2 of this Chapter as a basis for assessment, and using the greater of total revenue or total expenditures, there shall be two levels of risk assessment for entities subject to this Article, as follows:
Level A - $100,000 or more
Level B - Under $100,000
Federal and state grants shall be included in revenues for the fiscal year in which the grant is received, for purposes of determining the assessed level of risk.
(b) Level A is the highest risk assessment and requires the highest level of supervision and oversight. Level B is the lowest level of risk assessment and requires the lowest level of supervision and oversight.
(c) An entity classified at Level A shall have a self-audit procedure performed by an official not involved in the daily transactions of the entity, or by an independent third party under the direction of such officials. In addition, a self assessment of internal control procedures shall be completed by the officials and a bank reconciliation shall be performed by an independent third party. The procedures shall be documented on the form entitled Local Government Annual Report Summary attached to these rules as Appendix A. Documentation of all procedures performed shall be made and retained.
(d) An entity classified at Level B shall have a bank reconciliation made by an independent third party. Documentation of the procedures followed in performing the reconciliation shall be made and retained. The officials of the entity shall certify that, to the best of their knowledge, the reconciliation was performed in accordance with the documented procedures, and a report made to the director of the department of audit.
Section 4. Procedures required annually; certification.
(a) Each entity is required to perform the level of procedures required for their respective risk level at the close of each fiscal year. Procedures performed by an independent certified public accountant which equal or exceed the procedures required for an entity’s risk level may be accepted by the director in lieu of the procedures specified in this Article. Completion of the procedures performed shall be documented in a report, certified under oath by the officials of the entity.
(b) The certified report shall be filed with the department of audit, public funds group, within six (6) months after the close of the fiscal year being reported, or by December 31 of the year in which the entity’s fiscal year ends, whichever is sooner.
A request for special procedures or relief from required procedures of oversight shall be made to the director, in writing, within sixty (60) days after the close of the entity’s fiscal year. A separate request shall be made each year that special procedures or relief is requested. Each request shall be evaluated and determined on an individual basis, and approved or disapproved by the director within thirty (30) days after receipt of the request. A record of the request and the disposition made shall be kept on file in the department, subject to disposal as provided by law for public records.