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.
