Auditors find financial reporting and federal compliance is appropriate
SALEM –Secretary of State Kate Brown issued a detailed audit on Oregon’s financial report and its spending of $11.4 billion federal funds. The audit checked the state’s financial statement for the year ending June 30, 2011, and concluded that it was okay. Their examination also concluded that Oregon generally spent its $11.4 billion federal funds in accordance with federal and state rules.
“This audit gives Oregonians general confidence that state agencies are reporting their finances correctly, and that they are following the laws and rules on how the Federal money is spent,” said Brown. “We conduct this audit every year to ensure that good practices are being sustained, and any problems are identified quickly.”
The work was conducted by 30 professional staff members in the Audits Division who spend 9 months in the field interviewing agency personnel, analyzing accounting control structures, examining transactions, and applying national and federal standards to ensure everything is reported in the appropriate places and for the correct amounts. Audits Division staff hold CPA and other certifications and are trained in auditing, accounting, fraud examination and related fields.
“This audit comprises the single largest and most important effort on our part,” said Gary Blackmer, director of the Audits Division. “Sound financial practices are the foundation of public accountability.”
The report contains 14 audit findings related to financial reporting and 11 audit findings about compliance and internal control involving ongoing federal programs. While these findings recommend that managers take corrective actions, they were not serious enough to affect the state’s final financial statements.
The audit will be available to the public on Monday, April 9th, and can be found at www.sos.state.or.us/audits
Oregon Secretary of State