Title 7: Agriculture
PART 1773—POLICY ON AUDITS OF RUS BORROWERS
Subpart B—RUS Audit Requirements
Browse Previous | Browse Next
§ 1773.8 Audit date.
(a) The annual audit must be performed as of the end of the same calendar month each year unless prior approval to change the as of audit date is obtained, in writing, from RUS.
(1) A borrower may request a change in the as of audit date by writing to the AA-PARA at least 60 days prior to the newly requested as of audit date.
(2) The time period between the prior as of audit date and the newly requested as of audit date must be no longer than twenty-four months. For example, a borrower that wishes to change its as of audit date from December 31, 20X1, to June 30, must make the change effective no later than June 30, 20X3.
(b) Comparative financial statements must be prepared and audited for the twelve months ending as of the new audit date and for the twelve months immediately preceding that period.
(c) A borrower that changes its as of audit date from December 31, 20X1, to June 30, 20X3, must have the CPA report on statements in the following manner:
| Previously issued statements | Statements prepared as of new audit date |
|---|
| 12/31/20X1; 12/31/20X0 (Statement need not be reissued) | 6/30/20X3; 6/30/20X2. |
[ 56 FR 63360, Dec. 3, 1991, as amended at 66 FR 27835, 27836, May 21, 2001]
