|Financial Audit Division Report 14-04||Released February 14, 2014|
The State of Minnesota’s financial statements were fairly stated in all material respects. While the state met the statutory deadline for reporting the fiscal year 2013 financial statements, it continued to have some weaknesses in its internal controls over financial reporting.1
Our audit report contains four findings related to internal controls over the preparation of the state’s financial statements. Three of the findings include concerns from our previous audit that had not been fully resolved.2
We audited the state’s financial statements for the fiscal year ended June 30, 2013. Our audit encompassed many large state agencies that had financial activities significant to the financial statements.
The Department of Management and Budget is responsible for preparing the state’s annual financial statements, which are included in the State of Minnesota’s Comprehensive Annual Financial Report. To prepare the statements, the department uses information from a variety of sources, including information provided by other agencies. The issues contained in this report relate to weaknesses in internal controls in the state’s financial reporting process as a whole.
1 Minnesota Statutes 2013, 16A.50.
2 Office of the Legislative Auditor’s Financial Audit Division Report 13-06, Report on Internal Control Over Statewide Financial Reporting, issued May 17, 2013.