§5A-2-33. Financial accounting and reporting section; comptroller; powers and responsibilities


Published: 2015

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WEST VIRGINIA CODE











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WVC 5A-2-33

§5A-2-33. Financial accounting and reporting section; comptroller;

powers and responsibilities.

The financial accounting and reporting section created under

section one of this article shall be under the control and

supervision of a comptroller. The provisions of this section shall

apply to all component units of state government, as defined by

generally accepted accounting principles.

The comptroller, under the direction and supervision of the

director of the finance division, has the power and responsibility

to:

(1) Maintain financial records supporting the comprehensive

annual financial report required under subsection (8) of this

section, in accordance with generally accepted accounting

principles;

(2) Maintain the official chart of accounts of the state;

(3) Maintain the centralized accounting system;

(4) Maintain the statewide accounting policies and procedures;

(5) Direct the establishment and maintenance of an adequate

internal control structure by the various component units of state

government;

(6) Verify the periodic reconciliation of assets as reported

by the board of investments and budgetary fund balances as reported

by the state auditor;

(7) Issue management financial reports by component unit and

department, as well as consolidated management financial reports, as follows:

(a) Monthly budgetary basis reports by revenue and expense,

budget compared to actual, and encumbrances; and

(b) Financial position reports, including, but not limited to,

cash, investments, indebtedness, obligations and accounts payable.

(8) Issue a comprehensive annual financial report in

accordance with generally accepted accounting principles;

(9) Have the general purpose financial statements of the state

audited annually by independent certified public accountants;

(10) Require the state pension systems, workers' compensation

commission, public employees insurance agency, board of risk and

insurance management and the various other component units of the

state to prepare financial statements audited by independent

certified public accountants and submit the audited financial

statements to the financial accounting and reporting section in the

form and within the time frames established by the financial

accounting and reporting section;

(11) Maintain controls over access to the centralized

accounting system and the required modifications, as well as edits,

controls and tables;

(12) Promulgate legislative rules in accordance with article

three, chapter twenty-nine-a of this code to effectuate the intent

and purpose of this section: Provided, That such rules may

initially be implemented by emergency rule; and

(13) Do all things necessary and convenient to maintain the centralized accounting system, to issue financial reports of the

state and to carry out its powers and responsibilities.





Note: WV Code updated with legislation passed through the 2015 Regular Session

The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.