Indiana Administrative Code Title 20 - STATE BOARD OF ACCOUNTS
Indiana Administrative Code – Title 20: STATE BOARD OF ACCOUNTS
Title 20 of the Indiana Administrative Code (IAC) governs the State Board of Accounts (SBOA), the agency responsible for auditing and financial oversight of public entities in Indiana. This includes local governments, state agencies, school corporations, utilities, and other public bodies.
Key Areas Covered in Title 20:
General Provisions
Definitions and scope of the SBOA's authority.
Rules for fiscal accountability and compliance.
Requirements for audits, examinations, and financial reporting.
Accounting and Reporting Standards
Prescribed formats and systems for accounting (e.g., GAAP or statutory).
Rules for maintaining financial records and submitting annual reports.
Audit Requirements
When and how audits are conducted.
Responsibilities of entities during audits (e.g., access to records).
Corrective action procedures for audit findings.
Uniform Compliance Guidelines
Policies for ensuring that public entities follow fiscal and operational laws.
Guidance on purchasing, payroll, internal controls, and budgeting.
Oversight of Public Funds
Regulations on the handling, depositing, and disbursement of public funds.
Standards for internal control systems and fraud prevention.
Reporting and Enforcement
Procedures for dealing with audit violations or noncompliance.
Referral of serious matters to law enforcement or legal authorities.
Purpose of Title 20:
To ensure transparency, accountability, and the proper use of public resources across all levels of government in Indiana.
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