Section 120. Audit

A. State Agency. At the close of each month a Profit and Loss Statement and Balance Sheet is prepared. Expenditures, receipts, and cash balances are verified each month with the State Comptroller by the Department of General Services, Bureau of Fiscal Services.

B. Internal audit. Personnel of the Department of General Services will conduct an internal audit of State Agency operations and financial affairs. It will be made every two years and, when practicable, will be on the external audit off year.

C. External audit. The State Auditor of Public Accounts will audit the State Agency at least every two years. The audit will include a review of the conformance of the State Agency with the provisions of the State Plan of Operation and the requirements of FMR 102-37.345 through 102-37.355. The State Agency will submit a copy of the audit report to the federal General Services Administration (GSA) regional office and will report all corrective actions taken with respect to any exceptions or violations indicated in the audit report. The State Auditor of Public Accounts operates under the authority of the legislative branch of government. The State Agency operates under the executive branch of government, Secretary of Administration and Finance, Department of General Services, Division of Purchases and Supply. Refer to Exhibit 7 of 1VAC30-120-150, Organization of the Virginia State Government.

D. Additional Audits and Reviews.

1. GSA representatives may visit the State Agency to coordinate program activities and review the State Agency operations.

2. GSA may, for appropriate reasons, conduct its own audit of the State Agency following due notice to the Governor of the Commonwealth of the reasons for such audit.

3. All records of the State Agency, including financial, will be available for inspection by GSA, General Accounting Office, or other authorized federal activities.

Historical Notes

Derived from VR330-04-03 §XII, eff. September 20, 1984; amended, Volume 29, Issue 17, eff. May 22, 2013.

Statutory Authority

§ 2.2-1123 of the Code of Virginia.