021-4 Wyo. Code R. §§ 4-9 - [Effective 2/16/2023] Levels of Risk Assessment
(a) Using the
required reports as a basis for assessment and depending upon the higher of the
total revenues received, or total expenditures made, by the istrict during the
fiscal year under review subject to the limitations set forth in
W.S.
9-1-507(a)(iii) (A-D), there
shall be a total of five levels for special districts. There are three levels
with oversight prescribed in the statutes and two additional levels between
$100,000 and $1,000,000 for special districts, with oversight as defined in
these rules. The complete list is as follows:
(i) Level A - $1,000,000 and over;
(ii) Level B - $500,000 to
$999,999.99;
(iii) Level C -
$100,000 to $499,999.99;
(iv) Level
D - $25,000.01 to $99,999.99;
(v)
Level E - $25,000 or less.
(b) Level A is the highest risk assessment
level and requires the highest level of supervision and oversight. Level E is
the lowest level of risk assessment and requires the lowest level of
supervision and oversight.
(c)
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.
(d) An entity classified at
Level A shall have a CPA audit in accordance with Government Auditing
Standards. Any management letter or other written correspondence submitted to
the audited entity regarding the results of the audit shall also be submitted
to the Department as an accompaniment to the auditor's report.
(e) An entity classified at Level B shall
have a review level engagement, or a higher level of audit service, such as an
audit, at the special district's option, as well as other procedures which may
be required or approved by the Director and are identified prior to the
commencement of the engagement. Any management letter or other written
correspondence submitted to the reviewed/audited entity regarding the results
of the review/audit shall also be submitted to the Department as an
accompaniment to the auditor's report.
(f) An entity classified at Level C shall
have an internal control evaluation and a self-audit and a proof of cash and
shall submit them to the Department.
(g) An entity classified at Level D shall
have a proof of cash and shall submit it to the Department.
(h) An entity classified as Level E shall
provide documentation as stated in Section
9(i).
(i) All entities, regardless of risk level,
shall submit an annual report summary to the Department.
Notes
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