PURPOSE OF ACCOUNTING AND FISCAL POLICIES - 7020
(New: 08/2020)
The purpose of statewide accounting and fiscal policies and procedures is to enhance accountability, consistency, and comparability of financial information.
The policies and procedures are also a statewide communication and training document that will guide staff to understand the state’s accounting and reporting processes. They are designed to increase agencies/departments understanding of the established controls, enhance the transparency and the accuracy of financial data, and serve as a mechanism to safeguard the state’s assets from fraud, abuse, and waste.
The Department of Finance, Fiscal Systems and Consulting Unit is responsible for establishing and maintaining the statewide accounting and fiscal policies and procedures in the State Administrative Manual (SAM) chapters 7000 to 19000. The statewide policies provide the minimum requirements that agencies/departments must meet. Agencies/departments may adopt additional and more detailed policies and procedures as long as they meet the required minimum standards outlined in SAM.
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