|Financial Audit Division Report 07-04||Released March 22, 2007|
We audited the state’s financial statements for the year ended June 30, 2006. Our audit encompassed work at many of the larger state agencies that managed financial activities that were significant to the state’s financial statements.
The Department of Finance is responsible for preparing the state’s annual financial statements. Each year the financial statements are included in the Comprehensive Annual Financial Report published by the department.
In developing this report, we applied criteria included in the recently issued Statement on Auditing Standards #112, Communicating Internal Control Related Matters Identified in an Audit, for assessing the sufficiency of internal controls over financial reporting. As a result, the issues included in this report relate to internal controls in the state’s financial reporting process as a whole and not just to those that exist at the Department of Finance.