OVERVIEW

Audits of State departments and agencies identify control deficiencies, significant deficiencies, and material weaknesses in internal control over financial reporting.  A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.

A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the State's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is consequential will not be prevented or detected by the State's internal control.

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the State's internal control.

PRESENTATION OF AUDIT FINDINGS

The State departments and agencies' audit findings are presented in bar chart graphics for the fiscal year ended June 30, 2007 with five year comparisons.  The number of audit findings was obtained from the various executive departments and agencies audited financial statement reports for the fiscal year ended June 30, 2007.  The five year comparison information was obtained from the audited financial statements reports for the previous fiscal years.

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