|Public Release Date: February 2, 1996||No. 96-03|
The State Treasurer is a constitutional officer elected by the citizens of the state to a four- year term. The Office of the State Treasurer provides banking services for most state agencies. Michael A. McGrath has served as State Treasurer since January 1987.
Our work in the Office of the State Treasurer is completed as part of our annual Statewide Audit. The primary objective of the Statewide Audit is to render an opinion on the State of Minnesota's financial statements included in its Comprehensive Annual Financial Report for fiscal year 1995. This objective included whether the financial statements presented fairly its financial position, results of operations, and changes in cash flows in conformity with generally accepted accounting principles.
As part of our work, we were required to gain an understanding of the internal control structure and ascertain whether the Office of the State Treasurer complied with laws and regulations that may have a material effect on the state's financial statements. Our audit scope focused on the State Treasurer's responsibilities in the following areas that were material to the state's financial statements in the fiscal year ended June 30, 1995: state depository receipts and cash control, warrant redemption and control, investment transaction processing, and debt service expenditures.
The State of Minnesota's Comprehensive Annual Financial Report for the fiscal year ended June 30, 1995 includes our unqualified audit opinion, issued thereon, dated December 1, 1995. The compliance section of the Minnesota Financial and Compliance Report on Federally Assisted Programs for the fiscal year ended June 30, 1995 will include our reports on the internal control structure and compliance with laws and regulations for the state as a whole. We anticipate issuing that report in June 1996.