(1) When applicable, audits and audit reporting must conform to the requirements of the Federal Single Audit Act of 1984 as amended by the Single Audit Act Amendments of 1996 (P.L. 104-156) and the requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), as published in the Federal Register, Volume 78, No. 248 (see ARM 2.4.411).

(2) When approved by the department, audits and audit reporting of financial statements prepared in accordance with a small government financial reporting framework must apply the reporting requirements provided in ARM 2.4.401.