Oregon Administrative Rules Chapter 162 - SECRETARY OF STATE, AUDITS DIVISION
Oregon Administrative Rules, Chapter 162, is dedicated to the SECRETARY OF STATE, AUDITS DIVISION. This chapter lays out the foundational rules and standards that govern how the Oregon Secretary of State's Audits Division conducts its crucial work, particularly concerning audits of Oregon municipal corporations.
The Oregon Secretary of State serves as the chief auditor of public accounts in the state. The Audits Division, under the Secretary of State, plays a vital role in ensuring accountability, transparency, and efficiency in how public funds are managed and spent across state and local governments in Oregon.
Here's a breakdown of the key divisions within Chapter 162:
Division 1 - Procedural Rules: This division covers the general procedural rules for the Audits Division. It likely outlines how the division operates, its administrative processes, and potentially how it interacts with the public regarding audits.
Division 10 - Minimum Standards for Audits of Oregon Municipal Corporations: This is a very significant division. It prescribes the minimum standards that must be followed when conducting financial and compliance audits of Oregon's municipal corporations (which include cities, counties, special districts, and other local government entities). Key aspects covered here include:
Preface and Definitions: Introduces the standards and defines terms relevant to municipal audits.
General Requirements: States the overarching requirements for all municipal audits, often referencing generally accepted auditing standards (GAAS) as promulgated by the American Institute of Certified Public Accountants (AICPA).
Contracts: Rules regarding the engagement of independent auditors by municipal corporations.
Financial Statements: Requirements for the preparation and presentation of financial statements, notes, and supplementary information.
Independent Auditor's Review of Fiscal Affairs: Guidelines on how independent auditors should review the financial affairs, accounting records, internal controls, public fund deposits, indebtedness, budgets, and compliance with laws and regulations.
Reporting: Specifies the form and content of audit reports, including requirements for communicating significant deficiencies and material weaknesses in internal control.
Extensions of Time: Procedures for municipal corporations to request extensions for filing audit reports.
Division 40 - Minimum Standards for Agreed-Upon Procedures of Oregon Municipal Corporations: This division provides an alternative or supplementary framework for certain municipal corporations. Agreed-Upon Procedures (AUP) engagements are an attestation service where an accountant performs specific procedures and reports the findings without providing an audit opinion. This division outlines:
The circumstances under which AUP engagements may be allowable.
The specific procedures to be followed by the accountant.
Reporting requirements for AUP engagements.
Division 50 - Audits Conducted by Secretary of State: This division likely details the procedures and standards for audits directly conducted by the Secretary of State's Audits Division, as opposed to those conducted by independent private auditors hired by municipalities. The Secretary of State's Audits Division conducts various types of audits, including:
Financial Audits: To ensure public funds are properly accounted for and financial statements are presented fairly.
Performance Audits: To assess the efficiency, effectiveness, and economy of state government programs and agencies, identifying opportunities for improvement and savings.
Information Technology Audits: To evaluate the effectiveness of IT controls and systems.
Fraud Investigations: To investigate misuses of state resources.
Overall Mission and Responsibilities of the Audits Division:
The core mission of the Oregon Secretary of State's Audits Division, as reflected in these rules, is to:
Protect the public interest: By ensuring accountability and transparency in the use of public funds.
Improve Oregon government: By identifying weaknesses and recommending ways to enhance the efficiency and effectiveness of state and local government operations.
Ensure compliance: Verify that public funds are spent in accordance with legal requirements and established standards.
Maintain professional standards: Conduct audits in compliance with stringent professional auditing standards.
How to Access Oregon Administrative Rules Chapter 162:
You can typically find the full text of the Oregon Administrative Rules, including Chapter 162, through the following official and reliable sources:
Always ensure you are consulting the most current version of the rules, as they are periodically updated.
RELATED Blog
0 comments