South Carolina’s financial reporting recognized for excellence
June 7, 2010
COLUMBIA, SC – June 4, 2010 – The National Government FinanceOfficers Association has presented the S.C. Comptroller’s Office with aCertificate of Achievement for Excellence in Financial Reporting,Comptroller Richard Eckstrom announced today.
Eckstrom, the state’s chief accountant, each year compiles anextensive report containing financial information on state government.The report is a detailed presentation of the state’s financial conditionand it’s used by lawmakers, credit-rating agencies, taxpayer groups andothers to evaluate the state’s financial stability.
The state’s reporting of financial information meets the highestquality standards set by GFOA, the group said in its congratulatoryannouncement to Eckstrom. “The Certificate of Achievement is the highestform of recognition in governmental accounting and financial reporting,and its attainment represents a significant accomplishment by agovernment and its management,” the announcement read.
Eckstrom said the recognition underscores the importance of fillinggovernment accounting positions with qualified, educated accountingprofessionals. “This is a very significant accomplishment we were ableto achieve because we have well-trained, qualified certified publicaccountants perform our day-to-day accounting and reporting. I’ve longadvocated filling these critical positions with CPAs, which bring thehighest level of performance and professionalism to meet the accountingrequirements of government,” Eckstrom said. ” But as the state’s chiefaccountant, I remain concerned that complex governmental accounting isoften left to people who are too inexperienced or under-qualified for ajob that demands very specific skills and knowledge.”
“Using CPAs improves the quality of financial reporting. This hasexponential benefits and lays the groundwork for better financialtransparency. Leaving complex accounting requirements in the hands ofanyone but well-trained professionals can have consequences ranging frominaccurate bookkeeping to elevated chances for fraud and theft.”
The Comptroller’s Office is in the process of compiling acomprehensive Fraud Prevention Plan for state and local governmententities. One of the keys to reducing fraud and embezzlement of publicfunds is to ensure that accounting departments are staffed andsupervised by CPAs.
