|Financial Audit Division Report 13-03||Released February 14, 2013|
The Minnesota State Retirement System’s (MSRS) basic financial statements for the fiscal year ended June 30, 2012, were fairly presented in all material respects. However, MSRS had a weakness in internal control over financial reporting, as noted below.
MSRS fully resolved four prior audit findings.1 In fiscal year 2012, MSRS developed a comprehensive internal control structure, strengthened security access controls over information systems, and improved internal controls over several financial operations and over its financial reporting process.
1 Minnesota Office of the Legislative Auditor, Financial Audit Division, Report 12-10, Minnesota State Retirement System, May 10, 2012.