Minnesota Office of the Legislative Auditor
Financial Audit Division


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Report Summary
Department of Finance

Financial Audit

For the Fiscal Year Ended June 30, 1994;


Public Release Date: June 28, 1995 No. 95-31


Review Internal Control Structure: bond sales, debt service transfers, master lease draws and repayments, school energy loans, statewide indirect costs, and University of Minnesota grants.

Test compliance with certain finance-related legal provisions.


We found one area where the department's financial reporting process needed improvement:

  • The state's financial statements contained a departure from generally accepted accounting principles because of difficulties in implementing a new standard.

We found no departures from finance-related legal provisions.


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