RD101 - Annual Report on Statewide Financial Management and Compliance


Executive Summary:
The Code of Virginia requires that the Department of Accounts (DOA) monitor and account for all transactions involving public funds. In order to carry out this mandate, the Department uses a variety of measures, including automated controls, statistical analyses, pre-audits and post-audits, staff studies and reviews of reports issued by the Auditor of Public Accounts. When taken as a whole, these measures provide an important source of information on the degree of agency compliance with Commonwealth accounting and financial management policies, internal controls, procedures, regulations, and best practices.

The Comptroller's Report on Statewide Financial Management and Compliance (the Quarterly Report) is a summary of measures used by DOA to monitor transactions involving public funds and report findings to the Governor, his Cabinet, and other senior State officials. The Quarterly Report uses exception reporting and summary statistics to highlight key findings and trends. The Department also provides additional detailed financial management statistics for agencies and institutions of higher education.

This Quarterly Report includes information for the quarter ended June 30, 2004. Some information in the report is for the quarter ended March 31, 2004, which is tile most current data available. Fiscal Year 2004 summary data is provided for several measures.