This section conducts financial and compliance audits of state departments, agencies, and institutions. A major endeavor of the financial and compliance section is the Single Audit of the State of Tennessee. This audit covers the operations of the state as a whole and is conducted in accordance with Office of Management and Budget Circular A133, "Audits of States, Local Governments, and Non-Profit Organizations." A significant part of this project is the audit of the Tennessee Comprehensive Annual Financial Report, which covers all the state's funds and account groups, including college and university funds.

A single audit of the state is performed each year. In addition to the single audit report, separate audit reports are issued on the Office of the Treasurer and units of the government not subject to the control of the centralized accounting system such as state universities, the Tennessee State School Bond Authority, the Tennessee Local Development Authority, the Tennessee State Veterans' Home Board, and the Tennessee Housing Development Agency.

The separate audits of the departments, agencies, and institutions are not meant to serve as organizationwide audits as described in Office of Management and Budget Circular A133. Many do, however, serve as segments of the organizationwide audit of the State of Tennessee; therefore, they include the necessary tests for compliance with applicable laws, regulations, contracts, and grant agreements and the required consideration of the internal control structure. Financial and compliance audits are conducted in accordance with generally accepted government auditing standards.

The financial and compliance group is managed by an assistant director and six audit managers.

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