Report Summary
Department of Finance
Financial Audit
For the Year Ended June 30, 1993
| Public Release Date: April 15, 1994 |
No. 94-14 |
Objectives
Evaluate internal control structure: Bond sales, master lease draws
and repayments, indirect costs, University of Minnesota grants, and
Minnesota Historical Society grants.
Test compliance with certain finance-related legal provisions.
Conclusions
We found two areas where the internal control structure needed
improvement:
-
The Department of Finance needs to improve controls over the
collection and monitoring of indirect cost reimbursements.
-
The department needs to establish stronger controls when allowing
departments to have negative account balances.
We found no departures from finance-related legal provisions.
However, we discuss one issue regarding the financial management of
state government and how the department has applied a statutory
provision:
-
The department has expanded its appropriation authority through
use of interagency agreements.
