Bill > H5

This bill aims to improve the internal controls within state agencies. It does this by: 1. Requiring the Comptroller, in consultation with the State Auditor, to establish reporting requirements and internal control standards that define the minimum level of quality for internal control systems in state agencies. Agencies must develop and document their internal control systems in accordance with these guidelines. 2. Designating an official within each agency, equivalent in rank to an assistant or deputy department head, to be responsible for ensuring the agency's internal control system is documented and its effectiveness is evaluated annually. 3. Requiring all unaccounted for variances, losses, shortages, or thefts in the state's financial system to be immediately reported to the State Auditor's office, which will then review the matter and make recommendations to address any internal control weaknesses. 4. Extending the internal control requirements to state authorities that do not receive direct appropriations from the Commonwealth but are subject to audit by the State Auditor. The bill aims to strengthen oversight and accountability of state agencies' internal controls to prevent financial mismanagement and ensure proper stewardship of public funds.

Budget and Finance, Government Affairs

https://malegislature.gov/Bills/191/H5