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Key Findings:
The department did not pursue collection of some past due receivables for assessments to insurance companies. The process the Department of Commerce used to refund securities registration fees through agents is questionable. The department did not adequately restrict employee access to the state’s accounting system. The department did not comply with statutory retainage requirements for some professional-technical service contracts. - The department did not reconcile all unclaimed securities held in its custodial bank to the securities recorded in its unclaimed property database and did not completely inventory its tangible unclaimed property.
| The audit report contained seven findings related to internal control and legal compliance. The current audit included two unresolved prior audit findings. |
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Audit Scope:
Audit Period:
July 1, 2002, through June 30, 2005
Programs Audited:
- Assessments for Energy, Telecommunications, and Insurance Fraud
- Securities Registration Fee Revenue
- Payroll, Equipment, and Professional-Technical Services Contract Expenditures
- Unclaimed Property
Agency Background:
The Department of Commerce regulates utilities, financial institutions, licensed businesses and individuals, retail businesses, and commercial activity. It recovers its operating costs through fees and assessments.
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