Office of the Legislative Auditor - Financial Audit Division
State Agricultural Society
For the Year Ended October 31, 2001
Key Finding and Recommendation:
The State Agricultural Society has not appropriately resolved its information technology security risks. We found significant security weaknesses during our review of information technology controls at the Society. It should build a comprehensive security infrastructure that addresses current information technology risks.
The State Agricultural Society operates Minnesota's annual state fair and maintains the state fairgrounds. The Society earned about $27.9 million in operating revenues during fiscal year 2001 and had total assets of over $32 million on October 31, 2001.
The primary objective of our audit was to issue an opinion on the financial statements of the State Agricultural Society for the year ended October 31, 2001. The Society's Annual Report for fiscal year 2001 includes our opinion thereon dated March 8, 2002. This management letter addresses an internal control weakness we found during our audit.