What are the accounting-related State Reporting Requirements for Agencies?
Agencies that administer State funds, such as the Highway Fund, Risk Management Fund, Board of Accountancy Fund, etc. should research the enabling statutes that established the fund to determine the type and frequency of reporting requirements. Also, the statutes may require that the reports be audited prior to submission. Annually, the ADOA-GAO prepares two reports: 1) The cash basis Annual Financial Report (AFR) (A.R.S. 35-131, F.); and 2) the Comprehensive Annual Financial Report (CAFR) on the Generally Accepted Accounting Principles (GAAP) basis of accounting. The CAFR is audited by the Office of the Auditor General. Agencies not required to have audited reports must complete the GAO Closing Package annually after fiscal year end to assist the ADOA-GAO in completing the CAFR. The Closing Package forms and instructions can be found in the “Publications” section of the GAOs web site. The ADOA-GAO is available to assist agencies in researching the statutes and in preparing procedures
