§ 5-11-1-2 — System of accounting and reporting

The state board of accounts shall formulate,
prescribe, and install a system of accounting and reporting in
conformity with this chapter for use by an audited entity, which must
comply with the following:
(1) Be uniform for every public office and every public account
of the same class and contain written standards that an entity that
is subject to audit must observe.
(2) Exhibit true accounts and detailed statements of funds
collected, received, obligated, and expended for or on account of
the public for any and every purpose whatever, and by all public
officers, employees, or other individuals.
(3) Show the receipt, use, and disposition of all public property
and the income, if any, derived from the property.
(4) Show all sources of public income and the amounts due and
received from each source.
(5) Show all receipts, vouchers, contracts, obligations, and other
documents kept, or that may be required to be kept, to prove the
validity of every transaction.
The state board of accounts shall formulate or approve all statements
and reports necessary for the internal administration of the office to
which the statements and reports pertain. The state board of accounts
shall approve all reports that are published or that are required to be
filed in the office of state examiner. The state board of accounts shall
from time to time make and enforce changes in the system and forms
of accounting and reporting as necessary to conform to law.
Formerly: Acts 1909, c.55, s.2; Acts 1945, c.176, s.2. As
amended by Acts 1980, P.L.30, SEC.2; P.L.3-1986, SEC.8;
P.L.39-1996, SEC.2; P.L.176-2009, SEC.2; P.L.157-2020,
SEC.2.