SUMMARY

This bill requires the Department of Audit to:

1. Beginning July 31, 2003, report annually to the Legislature the amount of cash on hand at the end of each fiscal year for each department of State Government;

2. Account for federal grants at the end of each fiscal year to the Legislature and explain the reimbursement of state officers for any items paid out of the General Fund;

3. Revise and update on a regular basis the accounting manual maintained by the Department of Audit;

4. Provide training to appropriate personnel across department lines to establish systemwide uniform financial practices;

5. Require all audits performed by the Department of Audit over $1,000,000 to be performed by a certified public accountant; and

6. Establish an audit practice review board of volunteers from the private sector to give advice to the State on best practices and accounting updates.