Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Department of Finance

Financial Audit

For the Year Ended June 30, 1993;

 

Public Release Date: April 15, 1994 No. 94-14

Objectives

Evaluate internal control structure: Bond sales, master lease draws and repayments, indirect costs, University of Minnesota grants, and Minnesota Historical Society grants.

Test compliance with certain finance-related legal provisions.

Conclusions

We found two areas where the internal control structure needed improvement:

  • The Department of Finance needs to improve controls over the collection and monitoring of indirect cost reimbursements.
  • The department needs to establish stronger controls when allowing departments to have negative account balances.

We found no departures from finance-related legal provisions. However, we discuss one issue regarding the financial management of state government and how the department has applied a statutory provision:

  • The department has expanded its appropriation authority through use of interagency agreements.

 

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155