State of Alaska Division of Legislative Audit

02-40005-05

June 11, 2013
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SUMMARY OF: State of Alaska, Single Audit for the Fiscal Year Ended June 30, 2004.

Purpose of the Report

This report summarizes our review of the State of Alaska’s basic financial statements and the State’s compliance with federal laws and regulations in the administration of over $2.6 billion of federal financial assistance programs. The audit was conducted in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States. It also complies with the federal Single Audit Act Amendments of 1996 and the related Circular A-133 issued by the U.S. Office of Management and Budget.

The report contains an opinion on the basic financial statement of the State of Alaska for fiscal year 2004, recommendations on financial and compliance matters, auditor’s reports on internal controls and compliance, and the Schedule of Expenditures of Federal Awards.

Report Conclusions

The basic financial statements for the State of Alaska are fairly presented in accordance with accounting principles generally accepted in the United States of America without qualification. Additionally, the state’s FY 04 Comprehensive Annual Financial Report includes a Certificate of Achievement for Excellence in Financial Reporting which is presented by the Government Finance Officers Association.

The draw from the Constitutional Budget Reserve Fund (CBRF) authorized by Chapter 159, SLA 2004 Sec 61(b), for FY 04 was under $11 million. At the end of FY 04 over $94 million was swept from a variety of General Fund sub-funds and accounts and transferred to the CBRF.

The State has substantially complied with the applicable laws and regulations in the administration of its major federal financial assistance programs.

Findings and Recommendations

This report contains 26 recommendations, of which eight are unresolved issues from last year. Also, included in this year’s report is one recommendation made to the University of Alaska whose audit was performed by other auditors. Many of the recommendations made in this report require significant changes in procedures or a shifting of priorities and, therefore, may take more than one year to implement. The Summary Schedule of Prior Audit Findings in Section III identifies the current status of most prior audit recommendations not resolved by the release of the FY 03 Statewide Single Audit.

 

Single Audit State of Alaska FY04
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