                                 CODE OF VIRGINIA

REPORTS AND ACCOUNTING SYSTEMS OF BOARD; AUDITING BOOKS AND RECORDS (§ 4.1-620)

A. The Board shall make reports to the Governor as he may require covering the
administration and enforcement of this subtitle. Additionally, the Board shall
submit an annual report to the Governor, the General Assembly, and the Chief
Executive Officer of the Authority on or before December 15 each year, which
shall contain:

   1. The number of state licenses of each category issued pursuant to this
   subtitle;

   2. Demographic information concerning the licensees;

   3. A description of enforcement and disciplinary actions taken against
   licensees;

   4. A statement of revenues and expenses related to the implementation,
   administration, and enforcement of this subtitle;

   5. A statement showing the taxes collected under this subtitle during the
   year;

   6. General information and remarks about the working of the cannabis control
   laws within the Commonwealth;

   7. A description of the efforts undertaken by the Board to promote diverse
   business ownership within the cannabis industry; and

   8. Any other information requested by the Governor.

B. The Board shall maintain an accounting system in compliance with generally
accepted accounting principles and approved in accordance with &#xA7; 2.2-803.

C. A regular postaudit shall be conducted of all accounts and transactions of
the Board. An annual audit of a fiscal and compliance nature of the accounts and
transactions of the Board shall be conducted by the Auditor of Public Accounts
on or before October 1. The cost of the annual audit and postaudit examinations
shall be borne by the Board. The Board may order such other audits as it deems
necessary.

HISTORY: 2021, Sp. Sess. I, cc. 550, 551.