(a)  To ensure that the requirements of this chapter are fully complied with, the head of each agency shall prepare and submit a report on the adequacy of the agency’s systems of internal accounting and administrative control by December 31 of each year.

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(b)  The report, including the state agency’s response to report recommendations, shall be signed by the head of the agency and addressed to the governor. Copies of the reports shall be forwarded to the legislature, the auditor general, and the director. Copies of these reports shall also be forwarded to the state library, where they shall be available for public inspection.

(c)  By January 1, 1987, the director, in consultation with the auditor general and the controller, shall establish a system of reporting and a general framework to guide the agencies in performing evaluations on their systems of internal accounting and administrative control. The director, in consultation with the auditor general and the controller, may modify the format for the report or the framework for conducting the evaluations from time to time as deemed necessary.

(d)  Any material inadequacy or material weakness in an agency’s systems of internal accounting and administrative control which prevents the head of the agency from stating that the agency’s systems of internal accounting and administrative control provided reasonable assurances that each of the objectives specified in § 35-14-4 was achieved shall be identified and the plans and schedule for correcting the inadequacy described in detail.