To reduce the risk of errors in financial reporting, the State Bar should update its procedures on management's review and approval of financial statements.
see 60-day response.
The State Bar established a policy stating, "All financial reports (quarterly, annual, external and internal financial reports) are required to be reviewed and approved by the Chief Financial Officer and the Chief Operating Officer before releasing for Board presentation or legislative filing."
Staff has updated the fiscal policies and incorporated this procedure (section VII in the General Accounting Policy). In the revised policies, all quarterly financial reports and annual financial statements are required to be reviewed and approved by the Chief Operating Officer before presenting to the Board and filing with the Legislature.
The State Bar plans to submit supporting documentation at its 6 month response.
Agency responses received are posted verbatim.