|Financial Audit Division Report 11-16||Released June 16, 2011|
The Minnesota State Board of Investment’s (SBI) statement of net assets was fairly presented in all material respects. However, SBI had material weaknesses in its internal controls over financial reporting, including a prior audit finding that had not been resolved, as noted below. As a result, we limited the scope of our audit opinion to the statement of net assets and did not cover the statement of changes in net assets for fiscal year 2010.
We audited SBI’s balance sheet for the fiscal year ended June 30, 2010.
1Office of the Legislative Auditor’s Financial Audit Division Report 09-15, State Board of Investment Financial Statement Report, issued April 2, 2009.