Office of the Legislative Auditor - Financial Audit Division

Report Summary
Department of Finance

Financial Audit

For the Fiscal Year Ended June 30, 1994

Objectives:

Review Internal Control Structure: bond sales, debt service transfers, master lease draws and repayments, school energy loans, statewide indirect costs, and University of Minnesota grants.

Test compliance with certain finance-related legal provisions.

Conclusions:

We found one area where the department's financial reporting process needed improvement:

• The state's financial statements contained a departure from generally accepted accounting principles because of difficulties in implementing a new standard.

We found no departures from finance-related legal provisions.