The Oregon Administrative Rules contain OARs filed through November 15, 2015

 

QUESTIONS ABOUT THE CONTENT OR MEANING OF THIS AGENCY'S RULES?
CLICK HERE TO ACCESS RULES COORDINATOR CONTACT INFORMATION




SECRETARY OF STATE, AUDITS DIVISION




 


DIVISION 10
MINIMUM STANDARDS FOR AUDITS OF OREGON MUNICIPAL CORPORATIONS
Minimum Standards

162-010-0000
Preface
(1) Pursuant to the provisions of ORS
297.465, there is presented herewith the Minimum Standards for Audits of Oregon
Municipal Corporations.
(2) These Standards have
been approved by the Oregon Board of Accountancy (the Board), and have been adopted
by the Secretary of State as Administrative Rules under the provisions of ORS Chapter
183.
(3) All audits of municipal
corporations shall be made in accordance with these Standards, and all audit reports
shall be in the form prescribed herein.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: DOA 3-1986, f. &
ef. 5-29-86; DOA 1-1991, f. 3-8-91, cert. ef. 7-1-91; DOA 2-1995, f. 3-1-95, cert.
ef. 7-1-95; AUDIT 2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07,
cert. ef. 6-30-07; AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10; AUDIT 1-2014, f.
& cert. ef. 2-13-14; AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0010
Definitions
The following definitions describe terms
within the context of their application to Municipal Audit Law.
(1) “Independent Auditor”
means the Accountants whose names are included in the roster prepared and maintained
by the Oregon Board of Accountancy and defined in ORS 297.405.
(2) “Municipal Audit
Law” means the laws enacted by the Oregon Legislature and prescribed in Oregon
Revised Statutes (ORS) Chapter 297.405 to 297.740 and 297.990.
(3) “Municipal Corporation”
means any public entity subject to audit defined in ORS 297.405.
(4) “Cash basis or
modified cash basis” means a basis of accounting that the entity uses to record
cash receipts and disbursements and modifications of the cash basis having substantial
support, such as recording depreciation on capital assets. The cash basis of accounting
is the only special purpose framework allowable under Oregon law.
(5) “Fiscal year”
means for a municipal corporation with the power to impose ad valorem property taxes,
the fiscal year commencing on July 1 and ending on June 30, and for all other municipal
corporations, an accounting period of 12 months ending on the last day of any month.
(6) “Documentation”
means the written record of procedures performed, relevant evidence obtained, and
conclusions the independent auditor reached.
(7) “Governing body”
means the city council, board of commissioners, board of directors, county court
or other managing board of a municipal corporation including a board managing a
municipality owned public utility or a dock commission
(8) “Management”
means the person(s) with executive responsibility for the conduct of the municipal
corporation’s operation and may include some or all of those charged with
governance; for example the elected or appointed public officials.
(9) “Legally adopted
budget” means the statutory budget required by Oregon law prescribed on ORS
Chapter 294.305 to 294.565 (Local Budget Law) and intergovernmental entities formed
under ORS Chapter 190.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0665; DOA
1-1991, f. 3-8-91, cert. ef. 7-1-91; DOA 2-1995, f. 3-1-95, cert. ef. 7-1-95; AUDIT
2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07;
AUDIT 1-2014, f. & cert. ef. 2-13-14
162-010-0020
General Requirements
(1) All municipal corporations, as defined
in ORS 297.405, are required to have their accounts and fiscal affairs audited annually
in accordance with generally accepted auditing standards as promulgated by the American
Institute of Certified Public Accountants (AICPA), unless they qualify under 297.435
to be reviewed in accordance with Statements on Standards for Accounting and Review
Services (SSARS), or file financial reports in lieu of having an audit. The accounts
to be audited and examined may include financial statements, or they may consist
solely of books, records, and other financial data
(2) The independent auditor
who contracts to conduct an audit of a municipal corporation must personally conduct
the audit to an extent satisfactory to the Secretary of State, prepare an Independent
Auditor’s Report and express an opinion on the accounts in accordance with
these rules. The expression of opinion must be signed by the independent auditor.
The Independent Auditor’s Report and expression of opinion are to be issued
to the municipal corporation within six months after the close of the calendar or
fiscal year unless an extension of time has been granted by the Secretary of State.
(3) Management (of the municipal
corporation) has the responsibility for adopting sound accounting policies, for
maintaining an adequate and effective system of accounts, for the safeguarding of
assets, and for devising a system of internal control that will, among other things,
help assure the production of proper financial statements. The transactions which
should be reflected in the accounts and in the financial statements are matters
within the direct knowledge and control of management. The independent auditor's
knowledge of such transactions is limited to that acquired through the audit. Accordingly,
the fairness of the representations made through financial statements is an implicit
and integral part of management's responsibility. The independent auditor may make
suggestions as to the form or content of financial statements or he/she may draft
them in whole or in part, based on management's accounts and records. However, responsibility
for the statements examined is confined to the expression of opinion on them. The
financial statements remain the representations of management.
(4) Since the functions and
forms of government, as well as the accounting, internal control, and management
information systems, will vary greatly among municipal corporations, the independent
auditor must be familiar with legal provisions applicable to municipal corporations
and the accounting principles promulgated by GASB and other accounting principles
considered to be generally acceptable for governmental organizations.The independent
auditor shall review the information systems of accounting and internal control,
develop audit programs to adequately test those systems, and form an opinion with
respect to the financial statements of the municipal corporation.
(5) Officials of the municipal
corporation should make an accounting of all resources for which they are responsible.
Preparation of the financial statements and notes thereto and the supplementary
schedules considered necessary for full disclosure of financial position and results
of operations as set forth in OAR 162-010-0050 through 162-010-0140 will be considered
an appropriate accounting.
(6) The independent auditor
is expected to determine if the accounts and records are maintained in a manner
that will permit the preparation of financial statements that will fairly present
the financial position and results of operations of the municipal corporation in
accordance with legal provisions and in accordance with generally accepted accounting
principles. The accounting principles contemplated are those contained in the pronouncements
of authoritative bodies including, but not necessarily limited to, the Governmental
Accounting Standards Board (GASB), the AICPA and the Financial Accounting Standards
Board (FASB). If the municipal corporation fails to prepare and present the financial
statements specified in OAR 162-010-0050 through 162-010-0140, the independent auditor
must make a reasonable attempt to draft them for the municipal corporation from
the accounts and records made available for audit. If the financial statements cannot
be drafted with reasonable effort, appropriate comments must be included in the
audit report, together with recommendations for improvements necessary to permit
their preparation in the future. Wherever there is a conflict between legal provisions
and professional standards setting bodies, legal provisions are to take precedence.
The independent auditor shall make appropriate disclosure of such conflicts and
shall be aware that a qualification of the opinion may be necessary.
(7) In addition to auditing
the accounts and financial statements of a municipal corporation, the independent
auditor is required to review the municipal corporation’s fiscal affairs.
The review shall include, but not necessarily be limited to, determining if financial
operations have been carried out in accordance with appropriate legal provisions
including federal and state laws, charter provisions, court orders, ordinances,
resolutions, and rules and regulations issued by other governmental agencies. It
is the independent auditor's responsibility to disclose in the audit report material
instances of noncompliance with such legal provisions.
(8) The scope of the audit
of a municipal corporation shall include programs wholly or partially funded by
other federal, state, or local governmental agencies. In determining the audit procedures
to be applied to such programs, the independent auditor shall consider any specific
audit procedures which may have been developed for those programs by appropriate
governmental agencies. The independent auditor shall also determine if financial
reporting requirements applicable to such programs have been complied with.
(9) The audit report of a
municipal corporation shall contain financial statements with appropriate notes,
the Independent Auditor’s Report containing his or her expression of opinion
on the financial statements, or an assertion that an opinion cannot be expressed,
and the auditor's comments relating to the review of fiscal affairs and compliance
with legal requirements.
(a) The independent auditor
must prepare the independent auditor’s opinion in accordance with the Statements
on Auditing Standards issued by the AICPA.
(b) The independent auditor’s
report should include either an opinion on whether the accompanying financial information
is fairly presented in all material respect in relation to the basic financial statements
taken as a whole or a disclaimer of opinion depending on whether the information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements.
(c) In a GAAP presentation
the independent auditor shall express an “in relation to” opinion on
budgetary comparison schedules presented as required supplementary information.
(d) The independent auditor
shall express an “in relation to” opinion” on the combining and
individual fund statements and schedules presented as supplementary information
required by OAR 162-010-0050 through 162-010-140.
(e) The auditor's comments
relating to the review of fiscal affairs, including compliance with legal requirements
shall be in accordance with the provisions of OAR 162-010-200 through 162-010-0320.
(10) Audit reports are required
to contain, immediately inside the front cover, the names and mailing addresses
of officers of the municipal corporation and members of its governing body. In addition,
audit reports of special districts, as defined by law, shall contain the name of
the district's registered agent and its registered address. If a special district
has not designated a registered agent or registered address, then the audit report
shall so indicate.
(11) It is the responsibility
of the municipal corporation to file a copy of its audit report with the Secretary
of State. The reports are subject to review for compliance with these rules, and
the Secretary of State may call for submission by the independent auditor of the
work papers and audit programs covering an engagement. The work papers and audit
programs must contain satisfactory documented evidence of compliance with these
rules.
(12) Within 30 days after
delivering the audit report, as required by law, the independent auditor shall submit
a summary of the revenues and expenditures of the municipal corporation for the
period covered by the audit. The summary shall be made in the manner and on forms
prescribed by the Secretary of State. One copy of the summary shall be delivered
to the municipal corporation. Instructions are as follows:
(a) General: The summary
shall include the revenues and expenditures or receipts and disbursements presented
in the government-wide statement of activities.
(b) The amounts shall also
include fiduciary fund additions and deductions.
(c) Revenues and expenditures
of component units and turnovers to other governments should be identified in the
summary as reductions in arriving at the net totals. Those amounts are included
in the separately issued financial statements of the other governments.
Stat. Auth.: ORS 297
Stats Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0015; DOA
1-1991, f. 3-8-91, cert. ef. 7-1-91; DOA 2-1995, f. 3-1-95, cert. ef. 7-1-95; AUDIT
2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07;
AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10; AUDIT 1-2014, f. & cert. ef. 2-13-14;
AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0030
Contracts
Municipal Audit Law requires audits
be performed pursuant to a contract between the independent accountant and the governing
body, or managing or executive officer, of the municipal corporation. Laws governing
contracts are prescribed in the Oregon Public Contracting Code, ORS Chapters 279A,
279B, and 279C. If the municipal corporation does not prepare the financial statements
set forth in OAR 162-010-0050 through 162-010-0140, the contract must provide for
the independent auditor to make a reasonable attempt to draft them for and on behalf
of the municipal corporation.
Stat. Auth.: ORS 297.465
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0020; DOA
1-1991, f. 3-8-91, cert. ef. 7-1-91; AUDIT 2-2001, f. 4-26-01, cert. ef. 7-1-01;
AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07; AUDIT 1-2010, f. 3-23-10, cert. ef.
4-1-10; AUDIT 1-2011, f. & cert. ef. 1-27-11; AUDIT 1-2014, f. & cert. ef.
2-13-14; AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0050
Financial Statements
(1) The GASB is recognized as the standard-setting
authority of GAAP for state and local governments. As such, fair presentation of
financial position and results of operations in conformity with GAAP for Oregon
municipal corporations are those financial statements, notes thereto, and supporting
information consistent with GASB Statements and Interpretations and the hierarchy
of GAAP applicable to state and local governments established by the AICPA and adopted
by GASB.
(2) Since the focus of accounting
in a governmental unit is the individual fund, the financial statements to be presented
in the municipal corporation's annual report must also include nonmajor fund combining
statements and individual fund statements/schedules.
(3) Compliance with municipal
audit law includes financial statements prepared on the cash basis of accounting.
(4) If information necessary
to prepare the financial statements, or any of them individually, is not readily
available or is not maintained by the municipal corporation appropriate disclosure
must be made in the auditor's report.
Stat. Auth.: ORS 297
Stats Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0100; DOA
1-1991, f. 3-8-91, cert. ef. 7-1-91; DOA 2-1995, f. 3-1-95, cert. ef. 7-1-95; AUDIT
2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07;
AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10; AUDIT 1-2014, f. & cert. ef. 2-13-14;
AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0115
Required Supplementary Financial
Information (RSI)
For financial statements presented in
accordance with GAAP, the Governmental Accounting Standards Board has determined
that certain statements, schedules, statistical data, or other information are necessary
to supplement, although not required to be a part of, the basic financial statements.
These standards do not place any additional responsibilities upon the independent
auditor beyond those required by generally accepted auditing standards and OAR 162-10-0020(9)(c).
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: AUDIT 1-2007, f. 6-7-07,
cert. ef. 6-30-07; AUDIT 1-2014, f. & cert. ef. 2-13-14
162-010-0120
Supplementary Financial Information
(SI)
In addition to financial statements,
notes and required supplementary information thereto, certain other financial information
is considered necessary for full disclosure of the fiscal affairs of Oregon municipal
corporations. Whenever appropriate, audit reports must contain the other financial
information set forth in OAR 162-010-0130 through 162-010-0140 or reasonable combinations
thereof. If information necessary to prepare these schedules, or any of them individually,
is not readily available or is not maintained by the municipal corporation appropriate
comments to that effect shall be included in the audit report. If appropriate, these
schedules may be included in the notes to the financial statements..
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0135; DOA
2-1995, f. 3-1-95, cert. ef. 7-1-95; AUDIT 2-2001, f. 4-26-01, cert. ef. 7-1-01;
AUDIT 1-2014, f. & cert. ef. 2-13-14; AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0130
Schedule of Revenues, Expenditures/Expenses,
and Changes in Fund Balances/Net Assets/Net Position, Budget and Actual (Each Fund)
An individual schedule of receipts/revenues,
expenditures/expenses, and changes in fund balances/net position, budget and actual,
must be prepared for each fund of any municipal corporation for which budgets are
legally required. They must compare estimated with actual revenues or receipts,
transfers in, expenditures or disbursements, transfers out and ending balances on
the basis of the legally adopted budget. If the municipal corporation has made appropriations
in a manner which differs materially from the presentation of estimated expenditures
in the budget document, a separate schedule must be included which compares actual
expenditures/expenses with the legally adopted appropriations.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0125; AUDIT
2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10;
AUDIT 1-2014, f. & cert. ef. 2-13-14; AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0140
Schedule of Accountability for Independently
Elected Officials
A schedule of accountability must be
prepared for each independently elected official collecting or receiving money on
behalf of the municipal corporation. This schedule is to present, at a minimum,
beginning balances, receipts, disbursements, refunds, and turnovers to the appropriate
governmental official, reconciled to cash on hand at the beginning and end of the
audit period.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0140; DOA
1-1991, f. 3-8-91, cert. ef. 7-1-9; DOA 2-1995, f. 3-1-95, cert. ef. 7-1-95; AUDIT
2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07;
AUDIT 1-2014, f. & cert. ef. 2-13-14
162-010-0190
Other Financial or Statistical Information
(OI)
The report may include such other financial
or statistical information as desired by the municipal corporation, including financial
statements relating specifically to programs funded wholly or partially by other
governmental agencies.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0195; AUDIT
1-2007, f. 6-7-07, cert. ef. 6-30-07; AUDIT 1-2014, f. & cert. ef. 2-13-14
162-010-0200
Independent Auditor’s Review
of Fiscal Affairs
Each audit report shall contain appropriate
comments and disclosures relating to the independent auditor’s review of fiscal
affairs and compliance with legal requirements. These comments and disclosures shall,
at a minimum, reference the subjects set forth in OAR 162-010-0230 through 162-010-0320.
The independent auditor is required to prepare working papers that show a clear
understanding of the procedures performed, the evidence obtained and its source,
and the conclusions reached to support each disclosure.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 328.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0200; AUDIT
1-1998, f. 2-2-98, cert. ef. 2-15-98; AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10;
AUDIT 1-2014, f. & cert. ef. 2-13-14
162-010-0230
Accounting Records and Internal
Control
The independent auditor shall state
in a separately issued by-product report, that in planning the audit, he or she
followed generally accepted auditing standards in obtaining an understanding of
the entity and its internal control over financial reporting. If significant deficiencies,
material weaknesses or other recommendations for improvements have been communicated
in a separate letter to management or in a report issued in accordance with Government
Auditing Standards, the independent auditor shall file a copy of the letter
with the Secretary of State within 30 days of delivering the report to the municipal
corporation.
Stat. Auth.: ORS 297.465
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0215; DOA
1-1991, f. 3-8-91, cert. ef. 7-1-91; AUDIT 2-2001, f. 4-26-01, cert. ef. 7-1-01;
AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07; AUDIT 1-2010, f. 3-23-10, cert. ef.
4-1-10; AUDIT 1-2014, f. & cert. ef. 2-13-14; AUDIT 2-2015, f. & cert. ef.
8-19-15
162-010-0240
Public Fund Deposits
There shall be comments regarding the
municipal corporation's compliance with ORS Chapter 295 — Depositories
of Public Funds and Securities.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0220; AUDIT
2-2001, f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07;
AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10
162-010-0250
Indebtedness
There shall be comments regarding the
municipal corporation’s compliance relating to short-term and long-term debt.
These comments shall include limitations on the amount of debt which may be incurred,
liquidation of debt within the prescribed period of time, and compliance with provisions
of bond indentures or other agreements, including any restrictions on the use of
moneys available to retire indebtedness.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0225
162-010-0260
Budget
Compliance with legal requirements relating
to the preparation, adoption, and execution of the annual or biennial budget for
the year being audited, and the preparation and adoption of the budget for the next
succeeding year shall be disclosed. The auditor shall also disclose the financial
or organizational level at which the governing body makes the annual appropriations.
The minimum levels of legal appropriation are established in ORS 294.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 104, f. 2-20-76,
ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0230; DOA
2-1995, f. 3-1-95, cert. ef. 7-1-95; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07;
AUDIT 1-2014, f. & cert. ef. 2-13-14; AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0270
Insurance and Fidelity Bonds
Compliance with legal requirements and the government’s policies relating to insurance and fidelity bond coverage shall be disclosed. Recommendations for further review of coverage by qualified individuals may be included, if appropriate.
Stat. Auth.: ORS 297

Stats. Implemented: ORS 297.465

Hist.: SD 104, f. 2-20-76, ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renum?bered from 165-030-0235; AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10
162-010-0280
Programs Funded from Outside Sources
(1) Compliance with appropriate laws, rules, and regulations pertaining to programs funded wholly or partially by other governmental agencies shall be disclosed. This would include, but not necessarily be limited to, state and federal governmental agencies. Material instances of noncompliance must be sufficiently disclosed to enable the municipal corporation and the appropriate governmental agencies to initiate corrective action.
(2) If separate reports have been issued to disclose compliance with federal financial assistance programs under the Single Audit Act Amendments of 1996 (the Single Audit Act), then reference to those reports is required in this disclosure.
Stat. Auth.: ORS 297.465

Stats. Implemented: ORS 297.465

Hist.: SD 104, f. 2-20-76, ef. 7-1-76; DOA 3-1986, f. & ef. 5-29-86, Renumbered from 165-030-0240; DOA 1-1991, f. 3-8-91, cert. ef. 7-1-91; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07
162-010-0295
Highway Funds
Compliance with legal requirements,
(as contained in Article IX, section 3a of the Oregon Constitution), pertaining
to the use of revenue from taxes on motor vehicle use and fuel shall be disclosed.
The auditor shall also disclose compliance with statutory requirements pertaining
to the use of road funds (as contained in ORS 294, 368, and 373).
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: DOA 2-1995, f. 3-1-95,
cert. ef. 7-1-95; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07; AUDIT 2-2015, f. &
cert. ef. 8-19-15
162-010-0300
Investments
Compliance with legal requirements, (as contained in ORS Chapter 294), pertaining to the investment of public funds shall be disclosed.
Stat. Auth.: ORS 297.465

Stats. Implemented: ORS 297.465

Hist.: DOA 3-1986, f. & ef. 5-29-86; DOA 1-1991, f. 3-8-91, cert. ef. 7-1-91
162-010-0310
Public Contracts and Purchasing
Compliance with Public Contracting Code, ORS Chapters 279A, 279B and 279C pertaining to: The awarding of public contracts; and the construction of public improvements shall be disclosed.
Stat. Auth.: ORS 297

Stats. Implemented: ORS 297.465

Hist.: DOA 3-1986, f. & ef. 5-29-86; AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10
162-010-0315
State School Fund
There shall be comments regarding the school district’s compliance with legal requirements as stated in ORS 327.013 and as further defined by the Oregon State Department of Education pertaining to the district’s calculation and reporting of the factors used to compute the State School Fund distribution.
Stat. Auth.: ORS 297

Stats. Implemented ORS 328.465

Hist.: AUDIT 1-1998, f. 2-2-98, cert. ef. 2-15-98
162-010-0316
Public Charter Schools
Public charter schools created under ORS Chapter 338 are subject to review and compliance with the following:
(1) Insurance and Fidelity Bonds -- OAR 162-010-0270;
(2) Programs Funded from Outside Sources -- OAR 162-010-0280; and
(3) Public Contracts and Purchasing -- OAR 162-010-0310.
Stat. Auth.: ORS 297
Stats. Implemented ORS 328.465

Hist.: AUDIT 1-2010, f. 3-23-10, cert. ef. 4-1-10

162-010-0320
Other Comments and Disclosures
The independent auditor shall include
such other comments or disclosures with respect to the review of fiscal affairs
and compliance with legal requirements as may be appropriate in the circumstances.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: DOA 3-1986, f. &
ef. 5-29-86, Renumbered from 165-030-0295; AUDIT 2-2015, f. & cert. ef. 8-19-15
162-010-0330
Extensions of Time to Deliver Audit Reports
If the required report is not filed
with the Secretary of State within six months following the end of the fiscal year,
the municipal corporation shall file a written request for extension of time. The
request shall state the reasons for the delay and the expected filing date of the
report. The Secretary of State, for good cause shown, may grant the request for
a reasonable period of time.
(1) Requests for extensions
of time to deliver audit reports must be submitted on forms provided by the Secretary
of State. The request must contain the following information:
(a) The name and registered
or mailing address of the municipal corporation;
(b) The name, address, and
signature of the accountant or firm, if known, conducting the audit;
(c) The accounting period
under audit;
(d) A statement setting forth
the reasons for the delay in delivering the audit report;
(e) The signed approval or
disapproval of the request by the chair of the governing body, or managing or executive
officer, of the municipal corporation. Reasons for disapproval must be included;
(f) Requests applicable to
school districts and community colleges must also contain the signed approval or
disapproval of the local district superintendent or the superintendent's designee.
(2) A request for extension
of time shall be submitted to the Secretary of State. The Secretary of State shall
notify the independent auditor and the municipal corporation of its approval to
grant an extension of time or reasons for its disapproval.
Stat. Auth.: ORS 297
Stats. Implemented: ORS 297.465
Hist.: SD 115, f. & ef.
10-1-77; DOA 3-1986, f. & ef. 5-29-86; Renumbered from 165-030-0670; AUDIT 2-2001,
f. 4-26-01, cert. ef. 7-1-01; AUDIT 1-2007, f. 6-7-07, cert. ef. 6-30-07; AUDIT
1-2010, f. 3-23-10, cert. ef. 4-1-10; AUDIT 2-2015, f. & cert. ef. 8-19-15

The official copy of an Oregon Administrative Rule is
contained in the Administrative Order filed at the Archives Division,
800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the
published version are satisfied in favor of the Administrative Order.
The Oregon Administrative Rules and the Oregon Bulletin are
copyrighted by the Oregon Secretary of State. Terms
and Conditions of Use