Terms Used In Utah Code > Title 51 > Chapter 2a > Part 1 - General Provisions

• Audit: means an examination that:
       (2)(a) is performed in accordance with generally accepted government auditing standards, or for a nonprofit corporation or a governmental nonprofit corporation, in accordance with generally accepted auditing standards; and
       (2)(b) conforms to the uniform classification of accounts established or approved by the state auditor or any other classification of accounts established by any federal government agency. See Utah Code 51-2a-102
• Compilation: means information presented in the form of financial statements presented in conformity with generally accepted accounting principles that are the representation of management without the accountant undertaking to express any assurances on the statements. See Utah Code 51-2a-102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Fiscal report: means providing information detailing revenues and expenditures of all funds in a format prescribed by the state auditor. See Utah Code 51-2a-102
• Governing board: means :
       (6)(a) the governing board of each political subdivision;
       (6)(b) the governing board of each interlocal organization having the power to tax or to expend public funds;
       (6)(c) the governing board of any local mental health authority established under the authority of Title 26B, Chapter 5, Health Care - Substance Use and Mental Health;
       (6)(d) the governing board of any substance abuse authority established under the authority of Title 26B, Chapter 5, Health Care - Substance Use and Mental Health;
       (6)(e) the governing board of any area agency established under the authority of Title 26B, Chapter 6, Part 1, Aging and Adult Services;
       (6)(f) the board of directors of any nonprofit corporation that receives an amount of money requiring an accounting report under Section Utah Code 51-2a-102
• Governmental nonprofit corporation: means the same as that term is defined in Section 11-13a-102. See Utah Code 51-2a-102
• Review: means performing inquiry and analytical procedures that provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with generally accepted accounting principles. See Utah Code 51-2a-102
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5