Wyoming Administrative Code Agency 021 - Audit, Dept. of
1. Overview
Agency 021 – Department of Audit in Wyoming is responsible for overseeing audits of state agencies, local governments, and public funds. Its administrative rules are codified in the Wyoming Administrative Code (WAC) under the Department of Audit chapters.
The rules guide:
How audits are conducted
Reporting requirements
Standards for financial management
Compliance and enforcement
2. Key Areas of the Code
Chapter 1 – General Provisions
Defines terms used in the rules, such as:
“Agency,” “auditee,” and “public funds”
Outlines the authority of the Department of Audit and the purpose of the rules.
Explains which entities are subject to audits.
Chapter 2 – Audit Standards
Establishes the standards for performing audits, including:
Compliance with generally accepted auditing standards (GAAS)
Financial statement audits
Performance or program audits
Sets guidelines for independence, documentation, and reporting.
Chapter 3 – Audit Procedures
Describes how audits are conducted:
Notification to the entity being audited
Access to records and personnel
Procedures for sampling, testing, and verification of financial information
Outlines timelines for audits and deadlines for draft and final reports.
Chapter 4 – Reporting
Rules for submitting audit reports:
Reports must be filed with the Wyoming Legislature, Governor, and the audited entity
Deadlines and formats are specified
Includes follow-up procedures if deficiencies or non-compliance are found
Chapter 5 – Compliance and Enforcement
Explains the Department’s authority to enforce audit requirements
Consequences for failure to comply with financial reporting or audit requirements may include:
Public disclosure of non-compliance
Requirement to correct deficiencies
Restrictions on funding until issues are resolved
Chapter 6 – Fees and Cost Recovery
Rules for charging fees for audits or special services requested by agencies or local governments
Procedures for billing and collection of audit-related fees
3. Practical Importance
State agencies, municipalities, school districts, and other public entities must follow these rules to ensure financial accountability.
Understanding these rules is critical for:
Preparing for audits
Maintaining proper financial records
Avoiding penalties or funding restrictions
RELATED Blog
comments