{"data":{"id":"us/7-cfr-1773.2","jurisdiction":"us","citation":"7 CFR 1773.2","heading":"Definitions.","body":"As used in this part:\n2 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.\nAdministrator means the Administrator of RUS.\nAffiliated 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.\nAgency designated system means the electronic system designated by the Agency for awardees to upload audit documents.\nAICPA means the American Institute of Certified Public Accountants.\nASC means the Accounting Standards Codification issued by the Financial Accounting Standards Board.\nAudit means an examination of financial statements by an independent auditor or audit firm for the purpose of expressing an opinion on the fairness with which the financial statements present the financial position, results of operations, and changes in cash flows in accordance with U.S. generally accepted accounting principles (GAAP) and for determining whether the auditee has complied with provisions of laws, regulations, contracts, or grant agreements that could have a material effect on the financial statements.\nAudit date means the “as of” date established by the auditee.\nAudit documentation has the same meaning as defined in the AICPA's professional auditing standards.\nAuditee means a RUS awardee that is required to submit an annual audit as a condition of the award.\nAuditor means government auditors as well as certified public accounting firms that perform audits using generally accepted government auditing standards (GAGAS).\nAwardee means an entity that has an outstanding RUS or Federal Financing Bank (FFB) loan or loan guarantee and/or a continuing responsibility under a grant agreement with RUS.\nCPA means a Certified Public Accountant.\nFASB means Financial Accounting Standards Board.\nFFB 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.\nFinancial statements mean the comparative balance sheets, statements of revenue and patronage capital (or statement of operations customary to the type of entity reporting) and statements of cash flows.\nFraud has the same meaning as defined in the AICPA's professional auditing standards.\nGAAP has the same meaning as defined in accounting standards issued by the Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB).\nGAGAS 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.\nGAO means the United States Government Accountability Office.\nGASB means Government Accounting Standards Board.\nGovernance board means the auditee's board of directors, managing members, or other official body charged with governance.\nIllegal act has the same meaning as defined by the Public Company Accounting Oversight Board.\nMaterial weakness has the same meaning as defined in the AICPA's professional auditing standards.\nOIG means the Office of the Inspector General, United States Department of Agriculture.\nOMB means The Office of Management and Budget.\nPeer review means an external review of one or more aspects of the accounting and auditing practice, not subject to Public Company Accounting Oversight Board permanent inspection, performed once every three years by a CPA firm that is not affiliated with the auditor.\nRegulatory asset means an asset resulting from an action of a regulator as defined by FASB and GASB.\nRegulatory liability means a liability imposed on a regulated enterprise when there is an enforceable present obligation to deduct an amount in determining the regulated rate to be charged to customers in future periods, as defined by FASB and GASB.\nRelated party has the same meaning as defined by FASB and GASB.\nReporting package means:\n(1) The auditor's report on the financial statements;\n(2) The reports on internal control; compliance with provisions of laws, regulations, contracts, and grant agreements; and instances of fraud;\n(3) A complete set of financial statements;\n(4) The schedule of findings and recommendations; and\n(5) All supplemental schedules and information required by this part.\nRUS means the Rural Utilities Service, an agency of the United States Department of Agriculture. Contact information for RUS can be found at RUS Program Accounting Services Division Rural Development (usda.gov).\nRUS security agreement means a loan contract, 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.\nSignificant deficiency has the same meaning as defined in the AICPA's professional auditing standards.\nSingle Audit Act means Single Audit Act of 1984 (31 U.S.C. 7501 et seq.) as implemented by 2 CFR part 200, subpart F.\nState means any state or territory of the United States, or the District of Columbia.\nUniform System of Accounts means, for telecommunications awardees, as contained in 7 CFR part 1770, subpart B, and for electric awardees, as contained in 7 CFR part 1767, subpart B.","path":["Title 7—Agriculture","Subtitle B—Regulations of the Department of Agriculture","CHAPTER XVII—RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE","PART 1773—POLICY ON AUDITS OF RUS AWARDEES","Subpart A—General Provisions"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-7.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:01Z","sha256":"9d97c7dc486d3a094c03707acd5e1224201c86045f710b615e4020fc50c2e447","source_id":"us-cfr","stale":true,"prev":"us/7-cfr-1773.1","next":"us/7-cfr-1773.3"},"notice":"GroundRules: Original legal text. Not legal advice."}