Report Summary
Metropolitan Mosquito Control District
Financial Statement Audit
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Financial Audit Division Report 10-28 |
Released August 19, 2010 |
Conclusion
- The Metropolitan Mosquito Control District’s financial statements for the year ended December 31, 2009, were presented fairly in accordance with generally accepted accounting principles in all material respects.
- The district had a material weakness in its internal controls over financial reporting. It did not initially prepare financial statements for assets held in an irrevocable trust fund for postemployment benefit obligations other than pensions. The district made the correction to the final financial statements.
- The district’s internal controls over operations adequately safeguarded its assets and produced reliable financial data over the following areas: receipts, cash and investments, inventory, fixed assets, payroll, administrative expenses, and accounts payable.
- The district’s financial transactions were in accordance with applicable laws, regulations, and policies, including Minnesota Statutes 2009, 473.701 through 473.716.
Finding
- The Metropolitan Mosquito Control District’s preliminary financial report did not include financial statements for the assets it held in an irrevocable trust fund for postemployment benefit obligations other than pensions.
Audit Objectives and Scope
Audit Objectives:
- To give an opinion on the district’s financial statements.
- To review internal controls over financial reporting and operations.
- To determine compliance with applicable laws, regulations, and policies.
- To follow up on prior audit findings.
Audit Period: The fiscal year ended December 31, 2009
Areas Audited:
- Cash and Investments
- Inventory and Fixed Assets
- Operating Expenses
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- Receipts
- Payroll Expenses
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