92 Neb. Admin. Code, ch. 1, § 002 - Definitions
As used in these rules and regulations, unless the context otherwise clearly requires, the following definitions shall prevail.
002.01
Audit shall
mean examining, on a test basis, evidence supporting the assertions of
management as to the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used, as well as
evaluating the overall financial statement presentation.
002.02
Auditor shall
mean a person who has an active permit from the Nebraska State Board of Public
Accountancy, to engage in the practice of public accounting, either as a
certified public accountant or as a public accountant, who is independent (see
Appendix C, a copy of which is on file at the Nebraska Department of
Education's central office in Lincoln) with respect to the school district and
its board of education. Person shall include a corporation, partnership, or
other form of organization which has an active permit to engage in the practice
of public accounting.
002.03
Financial (Audit) Report shall mean and include the
independent auditor's report and financial statements prepared in conformity
with accounting principles generally accepted in the United States of America
(Appendix D, a copy of which is on file at the Nebraska Department of
Education's central office in Lincoln) or another comprehensive basis of
accounting which may include the use of the cash or modified accrual basis
accounting.
002.04
Federal Award shall mean Federal financial assistance
and Federal cost reimbursement contracts that non-Federal entities receive
directly from Federal awarding agencies or indirectly from pass-through
entities. It does not include procurement contracts, under grants or contracts,
used to buy goods or services from vendors. Any audits of such vendors shall be
covered by the terms and conditions of the contract. Contracts to operate
Federal Government owned, contractor operated facilities (GOCOs) are excluded
from the requirements of this part (Appendix A, a copy of which is on file at
the Nebraska Department of Education's central office in Lincoln.
002.05
Fiscal Year
shall mean the annual period which commences on September 1, in one calendar
year, and ends on August 31, in the following calendar year.
002.06
School District Finance
Records subject to audit shall mean and include records of all
funds and transactions of each fund maintained or required to be maintained by
the school district.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.