The bill H. 3925 aims to enhance the financial oversight and reporting processes within the South Carolina state government. It introduces new requirements for the Comptroller General to confirm the accuracy of cash and investments in the treasury for the previous fiscal year by November 1st each year. Additionally, it mandates the State Treasurer to maintain an accounting of cash and investments by agency and fund, and to produce a report of this accounting by August 31st annually. The bill also amends existing law to ensure that the State Treasurer provides a comprehensive annual report to the General Assembly, detailing various financial metrics and ensuring the accuracy of treasury data.

Furthermore, the bill modifies the auditing process by stipulating that the State Auditor cannot contract with the same external auditing firm without prior review by the Joint Bond Review Committee, thereby promoting transparency and accountability in state financial audits. The proposed changes are designed to improve the accuracy and reliability of financial reporting and oversight in South Carolina's state finances. The act will take effect upon approval by the Governor.

Statutes affected:
02/06/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
02/12/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
Latest Version: 11-3-250, 11-5-290, 11-5-185, 11-7-60