Effective: September 29, 2013
Latest Legislation: House Bill 59 - 130th General Assembly
(A)(1) There is hereby created the state audit committee, consisting of the following five members: one public member appointed by the governor; two public members appointed by the speaker of the house of representatives, one of which may be a person who is recommended by the minority leader of the house of representatives; and two public members appointed by the president of the senate, one of which may be a person who is recommended by the minority leader of the senate. Not more than two of the four members appointed by the speaker of the house of representatives and the president of the senate shall belong to or be affiliated with the same political party. The member appointed by the governor shall have the program and management expertise required to perform the duties of the committee's chairperson.
Each member of the committee shall be external to the management structure of state government and shall serve a three-year term. Each term shall commence on the first day of July and end on the thirtieth day of June. Any member may continue in office subsequent to the expiration date of the member's term until the member's successor takes office or until a period of ninety days has elapsed, whichever occurs first. Members may be reappointed to serve one additional term.
On September 29, 2011, the terms of the members shall be altered as follows:
(a) The terms of the members appointed by the president shall expire on June 30, 2012.
(b) The term of the member appointed by the speaker scheduled to expire on November 17, 2012, shall expire on June 30, 2013.
(c) The term of the other member appointed by the speaker shall expire on June 30, 2014.
(d) The term of the member appointed by the governor shall expire on June 30, 2014.
The committee shall include at least one member who is a financial expert; at least one member who is an active, inactive, or retired certified public accountant; at least one member who is familiar with governmental financial accounting; at least one member who is familiar with information technology systems and services; and at least one member who is a representative of the public.
Any vacancy on the committee shall be filled in the same manner as provided in this division, and, when applicable, the person appointed to fill a vacancy shall serve the remainder of the predecessor's term.
(2) Members of the committee shall receive reimbursement for actual and necessary expenses incurred in the discharge of their duties.
(3) The member of the committee appointed by the governor shall serve as the committee's chairperson.
(4) Members of the committee shall be subject to the disclosure statement requirements of section 102.02 of the Revised Code.
(B) The state audit committee shall do all of the following:
(1) Evaluate whether the internal audits directed by the office of internal audit in the office of budget and management conform to the institute of internal auditors' international professional practices framework for internal auditing and to the institute of internal auditors' code of ethics;
(2) Review and comment on the process used by the office of budget and management to prepare the state's comprehensive annual financial report required under division (A)(9) of section 126.21 of the Revised Code;
(3) Review and comment on unaudited financial statements submitted to the auditor of state and communicate with external auditors as required by government auditing standards;
(4) Perform the additional functions imposed upon it by section 126.47 of the Revised Code.
(C) As used in this section, "financial expert" means a person who has all of the following:
(1) An understanding of generally accepted accounting principles and financial statements;
(2) The ability to assess the general application of those principles in connection with accounting for estimates, accruals, and reserves;
(3) Experience preparing, auditing, analyzing, or evaluating financial statements presenting accounting issues that generally are of comparable breadth and level of complexity to those likely to be presented by a state agency's financial statements, or experience actively supervising one or more persons engaged in those activities;
(4) An understanding of internal controls and procedures for financial reporting; and
(5) An understanding of audit committee functions.
Structure Ohio Revised Code
Chapter 126 | Office of Budget and Management
Section 126.02 | Preparation of Budget Estimates.
Section 126.021 | Appropriations for Construction Compliance Section of Department of Development.
Section 126.022 | Estimates of Revenues From Tobacco Master Settlement Agreement.
Section 126.05 | Monthly Statements Showing Condition of General Revenue Fund.
Section 126.06 | Availability of Money in Total Operating Fund.
Section 126.07 | Certification of Balance Statement in All Contracts.
Section 126.071 | Monetary Settlement; Consultation With Director of Budget and Management.
Section 126.08 | Director of Budget and Management - Powers and Duties.
Section 126.09 | Monthly Distribution Schedule of Subsidies.
Section 126.11 | Coordination and Approval of Scheduling Sales of Certain Obligations.
Section 126.12 | Recovering Statewide Indirect Costs.
Section 126.13 | Designating Program or Activity for Performance Review.
Section 126.141 | Contingency Reserve for Capital Appropriations.
Section 126.15 | Adjusting Capital or Operating Budgets.
Section 126.21 | Accounting Duties of Director of Budget and Management.
Section 126.22 | Director - Accounting Powers.
Section 126.23 | Reports on State Funds.
Section 126.231 | Report From Director of Budget and Management.
Section 126.24 | Oaks Support Organization Fund.
Section 126.25 | User Charges - State Accounting Fund.
Section 126.26 | Director as Chairperson of Gubernatorial Transition Committee - Powers and Duties.
Section 126.27 | Filing Budget Estimates With Governor-Elect.
Section 126.28 | Powers to Take Testimony and Produce Evidence.
Section 126.29 | Agency Scheduled to Terminate Operations.
Section 126.30 | Interest on Late Payments for Goods and Services.
Section 126.301 | Statute of Limitations.
Section 126.31 | Travel and Other Expenses.
Section 126.32 | Job Interview and Relocation Expenses.
Section 126.35 | Warrants or Electronic Fund Transfers for Payments - Electronic Benefit Transfers.
Section 126.36 | Replacement of Lost or Destroyed Warrant.
Section 126.37 | Stale Warrants for Payment.
Section 126.38 | Furnishing Earnings Statement With Each Pay Warrant.
Section 126.40 | Forgery Recovery Fund.
Section 126.45 | Office of Internal Audit.
Section 126.46 | State Audit Committee.
Section 126.47 | Annual Internal Audit Plan.
Section 126.48 | Internal Audit Report as Public Record.
Section 126.503 | Control of Travel Expenses.
Section 126.506 | Participation in Technology Consolidation Projects.