(1) When a state agency sustains a loss of $100 or more of public funds or property under circumstances involving a public official who is entrusted with the custody of the funds or property or who is charged with the duty to account for the funds or property, the agency shall, within 30 days after discovery of the loss, report the loss in writing to the Division of Audits.
(2) Within 30 days after receiving the report under subsection (1) of this section, the division shall determine whether to investigate the loss.
(3) If the division investigates a loss, the division shall prepare a report regarding the accountability of the public official for the loss. The report shall be presented to the Governor.