Title 7
SECTION 1773.2
1773.2 Definitions.
§ 1773.2 Definitions.As used in this part:
2 CFR part 200, subpart F means 2 CFR part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, subpart F, Audit Requirements, as adopted by USDA in 2 CFR part 400.
AA-PARA means RUS Assistant Administrator, Program Accounting and Regulatory Analysis.
Administrator means the Administrator of RUS.
Affiliated company means a company that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the auditee.
AICPA means the American Institute of Certified Public Accountants.
ASC means the Accounting Standards Codification issued by the Financial Accounting Standards Board.
Audit means an examination of financial statements by an independent auditor for the purpose of expressing an opinion on the fairness with which those statements present financial position, results of operations, and changes in cash flows in accordance with accounting principles generally accepted in the United States of America (GAAP) and for determining whether the auditee has complied with applicable laws, regulations, and provisions of loan or grant contracts and grant agreements that could have a material effect on the financial statements.
Audit date means the “as of” date established by the auditee.
Audit documentation has the same meaning as defined in the AICPA's professional auditing standards.
Auditee means an RUS borrower and/or grantee that is required to submit an annual audit as a condition of the award.
Auditor means government auditors as well as certified public accounting firms that perform audits using generally accepted government auditing standards (GAGAS).
BCAS means Broadband Collection and Analysis System (or successor system).
Borrower means an entity that has an outstanding RUS or Federal Financing Bank (FFB) loan or loan guarantee.
CPA means a Certified Public Accountant.
DCS means the Data Collection System (or successor system).
FASB means Financial Accounting Standards Board.
FFB means the Federal Financing Bank, a body corporate and instrumentality of the United States of America under the general supervision of the Secretary of the Department of the Treasury.
Fraud has the same meaning as defined in the AICPA's professional auditing standards.
GAAP has the same meaning as defined in accounting standards issued by the Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB).
GAGAS means generally accepted government auditing standards as set forth in Government Auditing Standards, issued by the Comptroller General of the United States, Government Accountability Office.
GAO means the United States Government Accountability Office.
GASB means Government Accounting Standards Board.
Governance board means the auditee's board of directors, managing members, or other official body charged with governance.
Grantee means an entity that has a continuing responsibility under a grant agreement with RUS.
Illegal act has the same meaning as defined by the Public Company Accounting Oversight Board.
Material weakness has the same meaning as defined in the AICPA's professional auditing standards.
OIG means the Office of the Inspector General, United States Department of Agriculture.
OMB means The Office of Management and Budget.
Regulatory asset means an asset resulting from an action of a regulator as defined by FASB.
Regulatory liability means a liability imposed on a regulated enterprise by an action of a regulator as defined by FASB.
Related party has the same meaning as defined by FASB.
Reporting package means:
(1) The auditor's report on the financial statements;
(2) The report on internal control over financial reporting and on compliance and other matters;
(3) The report on compliance with aspects of contractual agreements and regulatory requirements;
(4) The schedule of findings and recommendations; and
(5) All supplemental schedules and information required by this part.
RUS means the Rural Utilities Service, an agency of the United States Department of Agriculture.
RUS Bulletin 1773-1, Policy on Audits of RUS Borrowers and Grantees, is a publication prepared by RUS that contains the RUS regulation 7 CFR part 1773 and exhibits of sample audit reports, financial statements, reports on internal control over financial reporting and on compliance and other matters, report on compliance with aspects of contractual agreements and regulatory requirements, and schedule of findings and recommendations used in preparing audits of RUS borrowers and grantees. This bulletin is available on the internet at https://www.rd.usda.gov/publications/regulations-guidelines/bulletins/program-accounting.
RUS security agreement means a loan agreement, grant agreement, mortgage, security agreement, or other form of agreement that governs the terms and conditions of, or provides security for, loan and/or grant funds provided by RUS to the auditee.
Significant deficiency has the same meaning as defined in the AICPA's professional auditing standards.
Single Audit Act means Single Audit Act of 1984 (31 U.S.C. 7501 et seq.) as implemented by 2 CFR part 200, subpart F.
State means any state or territory of the United States, or the District of Columbia.
Uniform System of Accounts means, for telecommunications borrowers, Bulletin 1770B-1, Accounting Requirements for RUS Telecommunications Borrowers (https://www.rd.usda.gov/files/UTP_Bulletins_1770B-1.pdf), and for electric borrowers, as contained in 7 CFR part 1767, Accounting Requirements for RUS Electric Borrowers, subpart B - Uniform System of Accounts, Bulletin 1767B-1, (https://www.rd.usda.gov/files/UPA_Bulletin_1767B-1.pdf).