State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_143B > GS_143B-426_40H

§ 143B‑426.40H.  Annualfinancial information.

Every fiscal year, all Stateagencies and component units of the State, as defined by generally acceptedaccounting principles, shall prepare annual financial information on all fundsadministered by them no later than 60 days after the end of the State's fiscalyear then ended in accordance with generally accepted accounting principles asdescribed in authoritative pronouncements and interpreted or prescribed by theState Controller, and in the form and time frame required by the StateController. The State Controller shall publish guidelines specifying theprocedures to implement the necessary records, procedures, and accountingsystems to reflect these statements on the proper basis of accounting.

Accordingly, the StateController shall combine the financial information for the various agenciesinto a Comprehensive Annual Financial Report for the State of North Carolina inaccordance with generally accepted accounting principles. These statements,along with the opinion of the State Auditor, shall be published as the officialfinancial statements of the State and shall be distributed to the Governor, theOffice of State Budget and Management, members of the General Assembly, headsof departments, agencies, and institutions of the State, and other interestedparties. The State Controller shall notify the Director of the Budget of anyState agencies and component units of the State, as defined by generallyaccepted accounting principles, that have not complied fully with therequirements of this section within the specified time, and the Director of theBudget shall employ whatever means necessary, including the withholding ofallotments, to ensure immediate corrective actions. (2006‑66, s. 6.19(a);2006‑203, s. 9; 2006‑221, s. 3A; 2006‑259, s. 40(a).)