|Public Release Date: September 10, 1997||No. 97-50|
The mission of the Department of Commerce is to enforce state laws, safeguard consumer rights, and regulate financial industries. James Ulland served as commissioner from September 1993 until December 1995. David Gruenes became commissioner of the department in December 1995.
The department is organized into the following divisions: the Administrative Services Division, the Financial Examinations Division, the Enforcement and Licensing Division, and the Insurance and Registration Division.
The focus of our audit was the revenue and expenditures of the Financial Examinations Division, the Registration and Insurance Division, and the Administrative Services Division for the two years ended June 30, 1997.
The Department of Commerce provided reasonable assurance that license and regulatory fees of the Insurance and Registration Division and the Financial Examinations Division were properly collected, adequately safeguarded, and correctly recorded in the accounting system. The department complied with applicable regulations in the collection of licenses and regulatory fees for the items tested.
The Department of Commerce provided reasonable assurance that expenditures were authorized within the legal provisions of the appropriation and administered in accordance with applicable finance related legal provisions. For the transactions tested, expenditures were made for goods and services received and were made for a proper purpose based on the mission of the department.