Final answer:
Compliance auditing or regulatory accounting is the accounting sub-specialization that ensures adherence to state and federal reporting requirements, with roles like the Comptroller of Public Accounts and organizations like the Office of the Comptroller of the Currency being key players.
Step-by-step explanation:
The sub-specialization of accounting that involves researching and inspecting all summary reports to ensure full compliance with all state and federal reporting requirements is referred to as compliance auditing or regulatory accounting. This field demands a stringent examination of financial documents in accordance with the legal standards set by governing bodies.
Roles such as the Comptroller of Public Accounts are integral to this process, as these officials are accountable for the financial oversight of state operations. These responsibilities include maintaining state accounting records, the collection of taxes, and ensuring complete adherence to financial regulations. The comptroller is also tasked with preparing annual financial statements and revenue estimates for legislative review.In a broader context, agencies like the Office of the Comptroller of the Currency within the U.S. Department of the Treasury have national staff that review and oversee the financial health and risk levels of large banking institutions and savings and loan companies, ensuring they operate within the required legal frameworks.