|Financial Audit Division Report 10-32||Released October 14, 2010|
The Minnesota Racing Commission did not have adequate internal controls to ensure it safeguarded or accurately recorded license revenues in the accounting system, or that employee expense reimbursements complied with finance-related legal requirements. The commission generally had adequate internal controls over other revenues and administrative expenditures to ensure it safeguarded its assets, accurately paid employees and vendors in accordance with management’s authorization, complied with finance-related legal requirements, and produced reliable financial data. However, it had internal control weaknesses in these areas.
For the items tested, the commission generally complied with finance-related legal requirements. However, the commission had specific instances of noncompliance in some areas.
The commission substantially resolved a prior audit finding.
||July 1, 2007, through March 31, 2010|