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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Higher Education Board

Financial Audit

For the Period July 1, 1991, Through January 31, 1994

 

Public Release Date: September 16, 1994 No. 94-51

Objectives

  • Assess Internal Control Structure: payroll, capital equipment, and all administrative disbursements.

  • Test Compliance with certain Finance-Related Legal Provisions.

Conclusions

We found two areas where the internal control structure needed improvement:

  • The board's controls over its fixed assets are inadequate.

  • Controls over access to statewide accounting and payroll/personnel transactions are inadequate.

We found one departure from finance-related legal provisions:

  • The board failed to encumber funds in a timely manner.