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Indiana State Board of Accounts

SBOA > Units We Audit > State Agencies State Agencies

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Manual:

Overview

There are over 100 state agencies consisting of elected officials, departments, commissions, boards and institutions. The majority of these state units are required to comply with general state statutes, rules and regulations and specific sections of the Indiana Code which detail their unique powers, duties, and responsibilities.

Financial and compliance audits of these various agencies are performed to determine that: financial resources are properly accounted for; compliance with applicable laws, rules, regulations, and policies are met; proper and effective internal controls are in place over entity operations; and assets are properly accounted for.

State Comprehensive Annual Financial Report

The State Board of Accounts performs an annual audit of the State of Indiana Comprehensive Annual Financial Report (CAFR) which is prepared by the Office of the Indiana Auditor of State. Each July through October, the majority of the State Board of Accounts’ staff assigned to state agency audits perform audits of financial statements that will feed into the State's CAFR. For the State of Indiana CAFR, the Auditor of State has received the Government Finance Officers’ Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting. The State Board of Accounts works closely with the Auditor of State's office to ensure that the stringent requirements of the program are met and that the audit of the financial report is completed by the GFOA’s deadline. Indiana has received the award every year since first achieving it for fiscal 1993.

Statewide Single Audit of Federal Financial Assistance

Approximately forty state agencies receive federal assistance. In addition to compliance with state statutes and regulations, these agencies are required to comply with specific federal regulations. The State Board of Accounts is required to annually audit the federal programs in compliance with the Office of Management and Budget (OMB) Circular A-133, Audits of State, Local Governments, and Non-Profit Organizations. As part of the Single Audit, tests are made to determine the adequacy of the internal control structure related to federal financial assistance programs, as well as to determine that the State of Indiana has complied with applicable laws and regulations. Each November through February, the majority of the State Board of Accounts’ staff assigned to state agency audits perform audits of the State’s major federal programs.

Audits of the State CAFR and the Statewide Single Audit are conducted in accordance with generally accepted auditing standards as well as Government Auditing Standards issued by the Comptroller General of the United States. The staff at the State Board of Accounts must continually be aware of changing regulations to ensure proper audit coverage.

Uniform Accounting Procedures

In order to provide more uniform accounting procedures and assist administrators and bookkeepers in fulfilling their responsibilities, the State Board of Accounts prepares the Accounting and Uniform Compliance Guidelines Manual for State and Quasi Agencies. The manual provides necessary information on many aspects of the State's accounting system.

The State Board of Accounts is constantly working with other state agencies to improve the overall accountability and efficiency of state government.

Office of Inspector General

In 2005 the Office of Inspector General (OIG) was created by Governor Mitch Daniels under Executive Order 05-03 and later codified in Indiana Code 4-2-7. The State Board of Accounts has been providing audit support for the OIG investigations since inception. This collaborative relationship has been beneficial to both agencies.