Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Minnesota State Retirement System
Financial Statement Audit

 

Financial Audit Division Report 11-04 Released February 18, 2011

Conclusion

The Minnesota State Retirement System’s (MSRS) financial statements were fairly presented in all material respects. However, MSRS had some weaknesses in internal control over financial reporting, as noted below.

Key Findings

  • Prior Finding Not Resolved: MSRS did not have adequate controls to ensure computer users’ access was appropriate on an ongoing basis. It also did not adequately restrict access to eliminate incompatible duties or implement adequate mitigating controls over incompatible access.
  • Prior Finding Not Resolved - MSRS did not identify, analyze, and document its internal controls related to business operations and financial reporting.
  • MSRS did not properly report derivative information in its draft financial statement footnote disclosures.

Audit Scope

We audited MSRS’s basic financial statements for the fiscal year ended June 30, 2010.

More Information

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