Legislation would impose fines for late audit submissions
After the state submitted an important financial audit to the federal government late for a third year in a row, the West Virginia Legislature is looking for ways to make sure that doesn’t happen again.
A draft bill presented to lawmakers during a legislative interim meeting Sunday would, if introduced and passed in the upcoming session, require annual training to comply with the audit process, strengthen financial reporting requirements and impose penalties when agencies turn in information late.
There was no discussion about the bill after it was explained by an attorney for the Legislature. Although state officials have said the audit is on track to be submitted on time this year it’s unclear how much of a difference it would make to the process in years to come.
The Legislature has previously looked at ways to strengthen the audit process, but newfound attention is on the issue after the U.S. Department of Education sanctioned every public college for the state’s misdeeds.
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