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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
State Agricultural Society

Financial Audit

For the Year Ended October 31, 1993

 

Public Release Date: March 25, 1994 No. 94-11

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.