Office of the Legislative Auditor - Financial Audit Division

Report Summary
State Board of Investment
Financial Statement Audit

Financial Audit Division Report 12-09

Released April 17, 2012

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Conclusion

The Minnesota State Board of Investment’s (SBI) basic financial statements were fairly presented in all material respects. However, SBI had a weakness in its internal controls over financial reporting, a prior audit finding that it had not resolved, as noted below.

Finding

• Prior Finding Partially Resolved:¹ The State Board of Investment did not sufficiently identify, analyze, and document internal controls related to financial reporting and business operations.

Audit Scope

We audited SBI’s basic financial statements for the fiscal year ended June 30, 2011.

 

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¹ Office of the Legislative Auditor’s Financial Audit Division Report 11-16, State Board of Investment, issued June 16, 2011.