Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Metropolitan Sports Facilities Commission
Financial Statement Audit

 

Financial Audit Division Report 10-22 Released June 15, 2010

Conclusion

  • The Metropolitan Sports Facilities Commission’s financial statements for the year ended December 31, 2009, were presented fairly in accordance with generally accepted accounting principles in all material respects.
  • The commission’s internal controls for selected financial operations were adequate to safeguard receipts and assets, accurately pay employees and vendors in accordance with management’s authorization, produce reliable financial information and comply with finance-related legal requirements.
  • The commission complied with the finance-related legal requirements we tested.
  • The commission resolved its prior audit recommendations.

Audit Objectives and Scope

Audit Objectives:
  • Provide an opinion on the commission’s financial statements.
  • Review internal controls over selected financial operations.
  • Determine compliance with finance-related legal requirements.
  • Follow up on prior audit findings.

Audit Period: Fiscal year ended December 31, 2009.

Areas Audited
  • Cash and Cash Equivalents
  • Concessions
  • Operating Expenses
  • Capital Assets
  • Revenues
  • Payroll Expenses
More Information

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