2006 Code of Virginia § 4.1-115 - Reports and accounting systems of Board; auditing books and records

4.1-115. Reports and accounting systems of Board; auditing books andrecords.

A. The Board shall make reports to the Governor as he may require coveringthe administration and enforcement of this title. Additionally, the Boardshall submit an annual report to the Governor and General Assembly on orbefore December 15 each year, which shall contain:

1. A statement of the nature and amount of the business transacted by eachgovernment store during the year;

2. A statement of the assets and liabilities of the Board, including astatement of income and expenses and such other financial statements andmatters as may be necessary to show the result of the operations of the Boardfor the year;

3. A statement showing the taxes collected under this title during the year;

4. General information and remarks about the working of the alcoholicbeverage control laws within the Commonwealth; and

5. Any other information requested by the Governor.

B. The Board shall maintain an accounting system in compliance with generallyaccepted accounting principles and approved in accordance with 2.2-803.

C. A regular postaudit shall be conducted of all accounts and transactions ofthe Board. An annual audit of a fiscal and compliance nature of the accountsand transactions of the Board shall be conducted by the Auditor of PublicAccounts on or before October 1. The cost of the annual audit and postauditexaminations shall be borne by the Board. The Board may order such otheraudits as it deems necessary.

(Code 1950, 4-13; 1984, c. 734; 1993, c. 866; 2004, c. 650; 2005, c. 633.)