Nevada Revised Statutes 353A.020 – Adoption; elements; modification; development of procedures
1. The Director, in consultation with the Committee and Legislative Auditor, shall adopt a uniform system of internal accounting and administrative control for agencies. The elements of the system must include, without limitation:
Terms Used In Nevada Revised Statutes 353A.020
- Agency: means every agency, department, division, board, commission or similar body, or elected officer, of the Executive Branch of the State. See Nevada Revised Statutes 353A.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Committee: means the Executive Branch Audit Committee created pursuant to NRS 353A. See Nevada Revised Statutes 353A.010
- Director: means the Director of the Office of Finance. See Nevada Revised Statutes 353A.010
- Internal accounting and administrative control: means a method through which agencies can safeguard assets, check the accuracy and reliability of their accounting information, promote efficient operations and encourage adherence to prescribed managerial policies. See Nevada Revised Statutes 353A.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(a) A plan of organization which provides for a segregation of duties appropriate to safeguard the assets of the agency;
(b) A plan which limits access to assets of the agency to persons who need the assets to perform their assigned duties;
(c) Procedures for authorizations and recordkeeping which effectively control accounting of assets, liabilities, revenues and expenses;
(d) A system of practices to be followed in the performance of the duties and functions of each agency; and
(e) An effective system of internal review.
2. The Director, in consultation with the Committee and Legislative Auditor, may modify the system whenever the Director considers it necessary.
3. Each agency shall develop written procedures to carry out the system of internal accounting and administrative control adopted pursuant to this section.
4. For the purposes of this section, ‘agency’ does not include:
(a) A board created by the provisions of NRS 590.485 and chapters 623 to 625A, inclusive, 628, 630 to 644A, inclusive, 648, 654 and 656 of NRS.
(b) The Nevada System of Higher Education.
(c) The Public Employees’ Retirement System.
(d) The Housing Division of the Department of Business and Industry.
(e) The Colorado River Commission of Nevada.