Office of the Legislative Auditor - Financial Audit Division

Report Summary
State Board of Investment
Financial Statement Audit

 

Financial Audit Division Report 10-13

Released April 6, 2010

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Conclusion

The Minnesota State Board of Investment’s (SBI) financial statements for the Supplemental Investment Fund and the Post Retirement Investment Fund were fairly presented in all material respects. However, SBI had a weakness in internal control over financial reporting, as noted below.

Finding

• Prior Finding Partially Resolved: The State Board of Investment did not sufficiently identify, analyze, and document internal controls related to financial reporting and business operations.

Audit Scope

We audited SBI’s Supplemental Investment Fund and Post Retirement Investment Fund financial statements for the fiscal year ended June 30, 2009.