Improving financial reporting

Published: Monday, Jun. 2, 2014 - 10:06 am
Last Modified: Tuesday, Jun. 3, 2014 - 6:35 pm

Re "State audit finds errors in controller's numbers" (Capitol & California, May 30): The Sacramento Bee failed to note that the accounting errors found by the State Auditor were made during the preparation of the state’s Comprehensive Annual Financial Report during the drafting stage and were corrected before the report was published. According to the State Auditor, the final report thoroughly and reliably represents the state’s fiscal condition and complies with all government accounting standards. Importantly, no taxpayer dollars were impacted.

For each of the past eight years, my office has produced financial statements that were reviewed by BSA and were found to have no material misstatements. While errors were made during the preparation process this year, they were corrected, and we are implementing solutions such as new training, new review procedures, and proposals that can clean up and speed up the data reported by all state departments in order to prevent these problems in the future.

-- State Controller John Chiang, Sacramento

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