Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Minnesota Board of Accountancy

 

Financial Audit Division Report 06-29 Released October 26, 2006

Conclusion:

The Minnesota Board of Accountancy’s internal controls were generally adequate, and the financial transactions we tested complied with applicable legal provisions and management’s authorizations.  However, we identified the following concerns.

Key Findings:

  • The board did not verify biweekly payroll expenditures or independently reconcile monthly disbursement reports to supporting documentation for other expenditures.
  • The board did not periodically reconcile total licenses issued to receipts collected.
The report contained three findings related to internal control and legal compliance. The board resolved one prior audit finding on contracting and encumbering funds, but did not fully resolve a finding concerning late deposits.
   Audit Scope:

Audit Period:
July 1, 2002, through June 30, 2006

Programs Audited:
  • Licensing and Fee Receipts
  • Payroll Expenditures
  • Administrative Expenditures

Agency Background:

The Minnesota Board of Accountancy regulates the practice of public accounting by enforcing applicable state laws and rules.  The board annually issues approximately 17,000 individual and firm licenses.  Effective April 4, 2005, the board merged administrative services with the Board of Architecture, Engineering, Land Surveying, Landscape Architecture, Geoscience, and Interior Design.  The board receives a General Fund appropriation for operations; the fiscal year 2006 appropriation was $487,000.  The board collected $767,000 in receipts and incurred approximately $442,000 in both direct and indirect costs in fiscal year 2006. 

More Information

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