|Financial Audit Division Report 11-18||Released June 30, 2011|
The State Agricultural Society’s financial statements for the two years ended October 31, 2010, were fairly presented in all material respects. We did not identify any instances of noncompliance with legal provisions material to the financial statements or any deficiencies in internal controls that we considered to be material weaknesses.1
The society resolved two prior audit findings by 1) consistently performing an independent review of payroll transactions, and 2) preparing a written contract for towing services and establishing a formal policy for service contracts.2
We audited the State Agricultural Society’s basic financial statements for the two years ended October 31, 2010, and reviewed controls over financial operations and compliance with finance-related legal provisions. We also determined the status of the prior audit findings.
1A material weakness is a deficiency, or combination of deficiencies, in internal controls such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented or detected on a timely basis.
2Minnesota Office of the Legislative Auditor, Financial Audit Division Report 10-19, State Agricultural Society Financial Statement Audit, Two Years Ended October 31, 2009, issued June 10, 2010.