|Financial Audit Division Report 12-03||Released February 16, 2012|
The State of Minnesota’s financial statements were fairly stated in all material respects. However, the state continued to have weaknesses in internal controls over financial reporting, as noted below.
Our audit report contains five findings related to internal controls over the preparation of the state’s financial statements. Four of the findings include concerns from our previous audit that have not been fully resolved.1
We audited the state’s financial statements for the fiscal year ended June 30, 2011. Our audit encompassed many large state agencies that had financial activities significant to the financial statements.
The Department of Management and Budget is responsible for preparing the state’s annual financial statements, which are included in the State of Minnesota’s Comprehensive Annual Financial Report. To prepare the statements, the department uses information from a variety of sources, including information provided by other agencies. The issues contained in this report relate to weaknesses in internal controls in the state’s financial reporting process as a whole.
1Office of the Legislative Auditor’s Financial Audit Division Report 11-02, Report on Internal Control Over Statewide Financial Reporting, issued February 18, 2011.