(a)  To ensure that the requirements of this section are fully complied with, each public corporation shall prepare and submit a report on the adequacy of the corporation’s systems of internal accounting and administration control by December 31 of each year.

Terms Used In Rhode Island General Laws 35-20-6

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Controller: means the state controller of Rhode Island. See Rhode Island General Laws 35-20-5
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Director: means the director of administration. See Rhode Island General Laws 35-20-5
  • Governor: means the governor of Rhode Island. See Rhode Island General Laws 35-20-5
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Public corporation: means any body corporate and politic created or to be created pursuant to statute, including, without limitation, the Rhode Island industrial recreational building authority, the Rhode Island economic development corporation and any subsidiaries thereof, the Rhode Island industrial facilities corporation, the Rhode Island refunding bond authority, the Rhode Island health and educational building authority, the board of governors for higher education, the Rhode Island housing and mortgage finance corporation, the Rhode Island resource recovery corporation, the Rhode Island public transit authority, the Rhode Island student loan authority, the water resources board corporate, the Narragansett Bay water quality management district commission, the Rhode Island health and educational building corporation, the Rhode Island depositors economic protection corporation, the Rhode Island convention center authority, the Rhode Island turnpike and bridge authority, their successors and assigns. See Rhode Island General Laws 35-20-5

(b)  The report, including the state agency’s response to report recommendations, shall be signed by the chairperson and/or the chief executive officer of the corporation and addressed to the governor. Copies of the reports shall be forwarded to both houses of the legislature, the auditor general, and the director. Copies of these reports shall also be forwarded to the state library where they shall be available for public inspection.

(c)  By September 30, 1995, the director, in consultation with the auditor general and the controller, shall establish a system of reporting and a general framework to guide the public corporations in performing evaluations on their systems of internal accounting and administrative control. The director, in consultation with the auditor general and the controller, may modify the format for the report or the framework for conducting the evaluations from time to time as deemed necessary.

(d)  Any material inadequacy or material weakness in systems of internal accounting and administrative control which prevents the chair and/or chief executive officer of the corporation from stating that the systems of internal accounting and administrative control provided reasonable assurance that each of the objectives specified above was achieved shall be identified and the plans and schedule for correcting the inadequacy described in detail.

(e)  The annual report of each public corporation shall also include financial statements relating to the operation, properties, income, expenditure, assets, and liabilities, including outstanding bonded indebtedness, of the corporation.

History of Section.
P.L. 1995, ch. 86, § 1.