UW Achieves Milestone in External Financial Audits

The University of Wyoming’s annual external financial audit and single audit for the 2023 fiscal year have been approved by UW’s Board of Trustees.

The unmodified opinion by the FORVIS accounting firm signifies that UW’s financial statements are free from material misstatements and are presented fairly in accordance with financial reporting requirements.

The annual single audit also was completed with no findings for the second year in a row, which qualifies UW to be considered a low-risk auditee for next year’s (fiscal year 2024) single audit. Single audits are required by law for a nonfederal entity that expends $750,000 or more in federal funds in one year. It includes an audit of both the financial statements and the federal awards.

The single audit reviews how the selected grants were managed and ensures that the rules for dollars associated with the grant or award were followed. Some federal granting agencies consider the single audit low-risk status of an auditee when awarding grants or other forms of financial assistance.

“We are proud to have achieved this milestone and are grateful to our employees for their hard work and dedication,” says Alex Kean, UW’s vice president for budget and finance. “This achievement is a testament to our commitment to transparency and accountability and supports UW’s strategic plan in promoting financial stability for the university.”

Kean and Associate Vice President for Finance Ashlie Reese express appreciation to Tim Keller, university controller and senior director for financial affairs; Bethany Allen, senior director of the Office of Sponsored Programs; the UW Accounting Office; the Office of Sponsored Programs; and all stakeholders across campus who contributed to this milestone by maintaining regulatory requirements and compliance with university, federal and state regulations.