Office of the Legislative Auditor - Financial Audit Division

Report Summary
State Agricultural Society

Financial Audit

For the Year Ended October 31, 1993

Objectives

Examine the society's financial statements.

Evaluate internal control structure: Ticket sales, space rental revenues, cash and cash equivalents, fixed asset inventories and depreciation, administrative expenses and payables, and employee payroll.

Test compliance with certain finance-related legal provisions.

Conclusions

We will issue our opinion of the financial statements in the Society's annual report.

We found one area where the internal control structure needed improvement:

• The Society needs to improve controls over certain discount coupons.

We found no departures from finance-related legal provisions.