|Financial Audit Division Report 10-36||Released December 9, 2010|
The Department of Commerce did not have adequate internal controls to ensure that it accurately billed insurance companies for the cost of its examinations and investigations or to collect penalties assessed to regulated companies. The department generally had adequate internal controls to ensure it safeguarded receipts, accurately paid employees and contractors in accordance with management’s authorization, produced reliable financial data, and complied with finance-related legal requirements. For the items tested, the department generally complied with finance-related legal requirements. However, the department had weaknesses in its internal controls and noncompliance with certain finance-related legal requirements. The department resolved five prior audit findings, but did not resolve two prior findings related to unclaimed property.
||July 1, 2007, through March 31, 2010|