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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Minnesota State Retirement System
Financial Statement Report


Financial Audit Division Report 10-14 Released April 12, 2010


The Minnesota State Retirement System's (MSRS) financial statements were fairly presented in all material respects. However, MSRS had some weaknesses in internal control over financial reporting, as noted below.

Key Findings

  • Prior Finding Not Resolved: MSRS did not identify, analyze, and document its internal controls related to business operations and financial reporting.
  • Prior Finding Partially Resolved: MSRS did not have adequate controls to ensure computer users' access was appropriate on an ongoing basis, and it did not implement adequate mitigating controls over incompatible access.
  • MSRS did not accurately report foreign currency risk in its draft financial statement footnote disclosures.

Audit Scope

We audited MSRS's basic financial statements for the fiscal year ended June 30, 2009.

More Information

Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : or 651‑296‑4708