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Rule Title: FINANCIAL REVIEWS
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Department: ADMINISTRATION
Chapter: STATE FINANCIAL SERVICES DIVISION
Subchapter: Single Audit Act
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.4.410    FINANCIAL REVIEWS

(1) A "financial review" is defined as an agreed-upon procedures engagement in which an independent auditor issues a report of findings based on specific procedures in accordance with standards established by the American Institute of Certified Public Accountants (see ARM 2.4.411). The procedures to be performed during the financial review of a local government entity are prescribed by the department and specified in the contract referred to in (3).

(2) Financial reviews of a local government entity conducted at the direction of the department must be performed either by an independent auditor who is on the department's roster of independent auditors authorized to conduct audits of local government entities or by the department.

(3) Financial reviews required by the department must be performed pursuant to a contract. Work may not commence under the contract until it is signed by the department. All contracts for conducting financial reviews must be in a form prescribed by the department.

(4) The compensation to the independent auditor for conducting a financial review must be agreed upon by the local government entity and the independent auditor and must be paid in the manner that other claims against the local government entity are paid. If performed by the department, the department shall charge the local government entity an hourly rate to cover the costs of performing the financial review.

(5) An administrative fee of $75 will be charged to each entity required to have a financial review. Entities required to have a financial review will be notified in writing. The administrative fee is due within six months of the entity’s fiscal year end.

(6) The independent auditor shall file copies of the financial review report with the department. In the case of school districts or associated cooperatives, the independent auditor shall also file a copy of the review report with the Superintendent of Public Instruction.

(7) The provisions of 2-7-515, MCA, and ARM 2.4.409, regarding the actions of local government governing bodies to resolve and correct audit findings and the penalty for failure to do so apply to financial review reports.

(8) The provisions of 2-7-522, MCA, regarding audit report reviews by the department apply to financial review reports.

 

History: 2-7-503, 2-7-514, MCA; IMP, 2-7-503, 2-7-514, MCA; NEW, 1992 MAR p. 1354, Eff. 7/1/92; AMD, 1994 MAR p. 2717, Eff. 8/26/94; TRANS, from Commerce & AMD, 2002 MAR p. 2649, Eff. 9/27/02; AMD, 2007 MAR p. 964, Eff. 7/6/07; AMD, 2011 MAR p. 2019, Eff. 9/23/11; AMD, 2019 MAR p. 2217, Eff. 12/7/19.


 

 
MAR Notices Effective From Effective To History Notes
2-4-581 12/7/2019 Current History: 2-7-503, 2-7-514, MCA; IMP, 2-7-503, 2-7-514, MCA; NEW, 1992 MAR p. 1354, Eff. 7/1/92; AMD, 1994 MAR p. 2717, Eff. 8/26/94; TRANS, from Commerce & AMD, 2002 MAR p. 2649, Eff. 9/27/02; AMD, 2007 MAR p. 964, Eff. 7/6/07; AMD, 2011 MAR p. 2019, Eff. 9/23/11; AMD, 2019 MAR p. 2217, Eff. 12/7/19.
2-4-451 9/23/2011 12/7/2019 History: 2-7-504, MCA; IMP, 2-7-503, 2-7-504, MCA; NEW, 1992 MAR p. 1354, Eff. 7/1/92; AMD, 1994 MAR p. 2717, Eff. 8/26/94; TRANS, from Commerce & AMD, 2002 MAR p. 2649, Eff. 9/27/02; AMD, 2007 MAR p. 964, Eff. 7/6/07; AMD, 2011 MAR p. 2019, Eff. 9/23/11.
7/6/2007 9/23/2011 History: 2-7-503, 2-7-504, MCA; IMP, 2-7-503, 2-7-504, MCA; NEW, 1992 MAR p. 1354, Eff. 7/1/92; AMD, 1994 MAR p. 2717, Eff. 8/26/94; TRANS, from Commerce& AMD, 2002 MAR p. 2649, Eff. 9/27/02; AMD, 2007 MAR p. 964, Eff. 7/6/07.
9/27/2002 7/6/2007 History: 2-7-503 and 2-7-504, MCA; IMP, 2-7-503 and 2-7-504, MCA; NEW, 1992 MAR p. 1354, Eff. 7/1/92; AMD, 1994 MAR p. 2717, Eff. 8/26/94; TRANS, from Commerce & AMD, 2002 MAR p. 2649, Eff. 9/27/02.
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