The Bureau of Federal Audits
performs two annual statewide audits of the commonwealth:
Mandated by the U.S. Congress in 1984, the annual Single Audit combines statewide spending on about 250 federal programs into one report. The audit determines whether the commonwealth spent federal dollars according to laws and regulations, and that proper controls are in place to ensure compliance.
An annual audit of the commonwealth's basic financial statements is performed by the Bureau of Federal Audits and an independent accounting firm. These financial statements are prepared to conform with generally accepted accounting principles (GAAP) and are reported in the Comprehensive Annual Financial Report (CAFR).