Review of Financial Controls (language only)

Item 2 #1s

Language
Page 8, following line 13, insert:
"The Auditor of Public Accounts shall review the operations of the State Comptroller as they relate to the Commonwealth’s financial accounting and control operations. The Secretary of Finance, State Comptroller, State Treasurer, Director of Planning and Budget and the Chief Information Officer will all provide any assistance and cooperation necessary for the Auditor to conduct this review.  In conducting the review, the Auditor shall determine the factors that have led to the current structure of the Commonwealth’s financial accounting and control operations, the Comptroller’s responsibility for financial and internal controls, the impact of decentralization on the financial structure and internal controls, and whether the Commonwealth has a modern financial system and structure.  Additionally, Auditor of Public Accounts shall provide the Chairmen of the Senate Finance Committee, the House Appropriations Committee and the House Finance Committee an assessment of information available to them, and how any changes in the Commonwealth’s financial accounting and control operations could enhance their oversight and what resources would be necessary to accomplish this function.  The Auditor shall submit a planning document to the Chairmen of Senate Finance and House Appropriations and Finance Committees outlining the scope of this review by July 15, 2004.  A preliminary report of initial findings, recommendations and issues shall be available to the Governor and the General Assembly by December 1, 2004, and a final report by November 15, 2005 with recommendations for proposed budgetary and statutory changes."

Explanation
(This amendment requires the Auditor of Public Accounts to conduct a review of the Commonwealth's financial controls.)