021-3 Wyo. Code R. §§ 3-3 - Levels of Risk Assessment

(a) Using the reports required under 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 Chapter, as follows:

(i) Level A - $100,000 or more; and

(ii) Level B - Under $100,000.

Entities shall include federal and state grants in revenues for the fiscal year, in which the grant is received, for purposes of determining the assessed level of risk. Debt proceeds and repayments shall be excluded in revenues and expenditures 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 complete level B requirements and 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, the officials shall complete a self- assessment of internal control procedures and an independent third party shall perform bank reconciliation. Documentation of all procedures performed 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.

(d) An entity classified at Level B shall have a proof of cash made by an independent third party. Documentation of the procedures followed in performing the proof of cash shall be made and retained. The officials of the entity shall certify that, to the best of their knowledge, the proof of cash was performed in accordance with the documented procedures, and a report made to the Director of the Department of Audit.

Notes

021-3 Wyo. Code R. §§ 3-3

Amended, Eff. 7/1/2020. Amended, Eff. 6/15/2022. Amended, Eff. 10/19/2022. Amended, Eff. 1/4/2023.